Fundstrat's Tom Lee echoed the view that the hype around digital asset treasuries may soon come to an end, but he remains bullish on Ethereum (ETH), having purchased $1.5 billion worth of ETH since the market crash.
BitMine Immersion Technologies has acquired a total of 379,271 ETH, worth nearly $1.5 billion, since the record cryptocurrency market liquidation event last weekend.
According to on-chain data from Arkham Intelligence and "BMNR Bullz," which tracks the company's purchases, these acquisitions were made in three batches: 202,037 ETH purchased after the weekend crash, 104,336 ETH purchased on Thursday, and 72,898 ETH purchased on Saturday, although BitMine has not officially confirmed this.
BitMine is the world's largest Ethereum treasury company, holding over 3 million ETH, which accounts for 2.5% of the total supply, valued at $11.7 billion. The company has completed half of its 5% target and has only been accumulating this asset since early July, when ETH was hovering around the $2,500 level.
"Ethereum could flip Bitcoin, just as Wall Street and stocks flipped gold after 1971," Lee stated in his latest bullish remarks directed at ARK Invest CEO Cathie Wood on Thursday.
Although Lee believes the digital asset treasury bubble may have burst, the aggressive accumulation of ETH continues.
Lee noted that many Digital Asset Treasuries (DATs) are trading below their net asset value (NAV), which is the value of the underlying cryptocurrencies they hold. "If this isn't a bubble bursting… then what would a bubble bursting look like?" he told Fortune on Thursday.
Research firm 10x Research also reported on Saturday that major DATs like Metaplanet and Strategy are trading close to or below their NAV.
However, it's not all bad news, as DATs with strong capital bases and savvy trading management teams "may still generate meaningful excess returns," they stated.
Huobi founder Li Lin is reportedly seeking some excess returns and has raised about $1 billion as part of a strategy to invest in Ethereum treasuries.
Lee told CNBC after Friday's trading day that investors are still "licking their wounds" from the record leverage washout, but there is also some "gold envy," as this commodity "has performed well this year."
The cryptocurrency market is currently down 15% from its all-time high on October 7, while gold prices have retreated nearly 3% from Thursday's peak.
Related: The whereabouts of QMMM, a Hong Kong crypto treasury company founder, remain a mystery after the suspension—what happened?
Original article: “Despite Tom Lee warning of treasury bubble burst, BitMine continues to accumulate $1.5 billion in Ethereum (ETH) after market crash”
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