
Ethereum’s Big Moment With Tom Lee
FYI - For Your Innovation
Outro
Hosts and guest close the episode with final thanks, ratings request, and podcast disclaimers.
In this episode, ARK’s Cathie Wood and Brett Winton sit down with Tom Lee — co-founder of Fundstrat Global Advisors and chairman of BitMine Immersion Technologies — to explore the rising influence of Ethereum as a financial infrastructure layer. Tom shares how BitMine transformed into the largest corporate holder of Ethereum globally, and why digital asset treasury companies DATs could serve as a bridge between traditional finance and decentralized networks.
The conversation covers Ethereum’s “ChatGPT moment,” the regulatory unlock of 2025, and why institutional investors may prefer equity-wrapped crypto exposure. Tom also lays out a bold vision in which Ethereum surpasses Bitcoin in market cap and becomes the financial internet’s base layer — absorbing everything from stablecoins and tokenized assets to staking, liquidity backstops, and even prediction markets.
The trio also examines risk dynamics, corporate strategy, and the architectural differences between proof-of-work and proof-of-stake systems as Wall Street starts to build on-chain.
Key Points From This Episode:
- 00:00:00 How BitMine evolved from a small miner into the largest Ethereum-holding DAT.
- 00:03:00 Why BitMine’s ETH per share jumped 9x in 8 weeks — and what’s next.
- 00:06:30 Why DATs exist at all — and why they’re crucial for institutional access.
- 00:08:05 Ethereum’s “ChatGPT moment”: Stablecoins as breakout crypto products.
- 00:10:29 How BitMine solved a regulatory bottleneck for ARK’s crypto exposure.
- 00:14:54 The flippage theory: Why Tom believes ETH will surpass Bitcoin.
- 00:19:34 Proof-of-stake vs. proof-of-work: Comparing network resilience and incentives.
- 00:24:06 Targeting 5% of ETH supply: How much is too much for a DAT?
- 00:28:48 How BitMine is like a “reverse bank” — and why that earns it a NAV premium.
- 00:33:16 What could dethrone BitMine’s lead? The tech risk and Solana wildcard.
- 00:38:47 Ethereum can’t hold everything: Why multiple chains will exist.
- 00:50:27 How tokenization unlocks transparency, pricing, and global efficiency.
- 00:54:03 Tom’s 2030 forecast: Ethereum at $60K and digital treasuries worth $5T.


