Bankless The World’s Largest ETH Holder - Tom Lee on Treasuries, Ethereum Dominance, and Wall Street
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Aug 6, 2025 
Tom Lee, Chairman of Bitmine and Wall Street investor, discusses the ambitious goal of acquiring 5% of total ETH supply with his ETH treasury. He argues Ethereum could surpass Bitcoin, predicting prices from $4,000 to $15,000. The conversation dives into market dynamics, the risks of excessive leverage, and the often misguided perceptions Wall Street has about crypto. Lee also shares insights on valuing Ethereum and NFTs, highlighting their cultural significance. Tune in for a deep exploration of Ethereum's promising future!
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Ethereum's Greater Upside Potential
- Ethereum's upside could exceed Bitcoin's 100x returns due to its larger use cases and network value potential.
- There is a significant probability that Ethereum could flip Bitcoin in market value as the dominant network.
BitMine's Rapid ETH Accumulation
- Tom Lee founded BitMine, now holding 833,000 ETH, nearly 1% of total supply, rapidly acquiring ETH since July.
- Inspired by MicroStrategy’s Bitcoin treasury success, BitMine aims to capitalize on a similar step function gain in Ethereum.
Ethereum Treasuries as Infrastructure
- Ethereum treasury companies gain from ETH staking yields and create scarcity by accumulating large ETH holdings.
- Such companies become infrastructure entities generating real business income, differentiating them from ETFs.