The World’s Largest ETH Holder - Tom Lee on Treasuries, Ethereum Dominance, and Wall Street
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I think the upside case for ETH is actually higher than let's say Bitcoin did a 100 x. You know, could Ethereum do a 100 x? I think that that could happen because there is probably a non a significant probability that Ethereum could flip Bitcoin as well in terms of network value.
Bankless nation, have Tom Lee here, legendary Wall Street investor, chairman of the newly launched ETH treasury company, Bitmime. The ticker is b m n r. Tom, welcome back to Bankless.
Yeah. Thanks. Good to see you guys again.
It's great to see you. It's been about a year, and, you've been pretty busy. Gotta say, I did not have on my bingo card that Tom Lee in 2025 would create an ETH treasury company, and yet here you are at the time of recording. Bitmine, where you chair, has 833,000. That's closing in on 1% of all ETH supply. And, you are now, I believe, the largest ETH treasury company in the world, at least publicly traded company. How does that feel?
Well, I guess, I mean, we move very quickly because we started this, announced it on June 30, and it closed on July 8. So in, you know, like in twenty seven calendar days since the close, we've moved at very high velocity to acquire this ETH quickly. And but I think it's important because MicroStrategy really has demonstrated that his 30 times return, his pivot when MicroStrategy was $13 in August 2020, to now, you know, Bitcoin made a big step move from 11,000 to 120,000, but his treasury strategy delivered another 20 x on top of that. That's how he got a 30 x total return. And I think Ethere
Unlike MicroStrategy, Tom, when you launched BitMine and and just announced that you were doing the ETH treasury company strategy, other ETH treasury companies were hot on your Coincidentally or maybe not coincidentally, esbet from Joe Lubin consensus, Sharpen League Gaming was announced within, like, five days of you announcing yours, and now there's a whole host of Eth treasury companies. Did you know that there were others that were hot on your heels? What how did all of this happen all at once? Why did this all happen seemingly in
the same, like, two week period? Maybe great minds think alike. I don't know. You know, I I you're you're right. There have been for a long time, were just Bitcoin treasuries, and then a couple of Solana treasuries, and a couple of hype ones, but SharpLink was the first Ethereum treasury. That was announced in May, so we were, we're behind, you know, we came after SharpLink. But, I think that, you know, Ethereum itself is, makes a lot of sense to do as a treasury play, because one, if you're positive on ETH itself, then that's the reason to do a treasury strategy, especially over an ETF becaus
Tom, let's talk about that 5% number, because I've heard you say that before, and we're just, like, adding up some numbers here. 5% of total ETH supply, so that'd be about 6,000,000 or so ETH. Yes. You're at 833,000 now, but have gotten to that number in, like, four weeks. So, you're moving very, very fast there. Are you serious about 5% of all ETH? Because from my recollection, MicroStrategy, they've been at this for a while, since 2020. I believe MicroStrategy's up to, like, 3% of Bitcoin or so, and they've been dollar cost averaging in over time. 5% of all ether, you know, I I guess at the
Well, MicroStrategy is 3.2% of the network circulating supply right now. And but, you know, MicroStrategy wants to get to at least a million Bitcoin, which is about 5%. And keep in mind that once MicroStrategy has a million Bitcoin, they have a sovereign put. You know, they are strategically important to the Bitcoin e
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