Fundstrat’s Tom Lee Says Treasury Hype Is Fading, But Backs Buying $1.5 Billion Ether

Tom Lee of Fundstrat believes that recent enthusiasm around digital asset treasuries (DATs) is cooling, but his confidence in Ethereum remains firm.

The veteran strategist revealed he bought $1.5 billion worth of Ether after last weekend’s stock market crash, doubling what he sees as a long-term opportunity, he said in an interview with Fortune.

BitMine accumulates 379,000 ETH worth $1.5 billion

According to on-chain data from Arkham Intelligence, Bitcoin mining company BitMine Immersion Technologies made the same move, accumulating 379,271 ETH worth approximately $1.5 billion across three major purchases during the week.

The transactions included 202,037 ETH acquired just after the market liquidation, followed by 104,336 ETH on Thursday and another 72,898 ETH on Saturday.

Although BitMine has not yet confirmed the transactions, tracking account “BMNR Bullz” reported consistent wallet activity related to the company.

BitMine quickly became the largest holder of Ether treasury, now holding over 3 million ETH, or approximately 2.5% of the total supply, valued at approximately $11.7 billion.

The company began accumulating this asset in early July, as prices approached $2,500, and it ultimately aims to control 5% of all Ether in circulation.

Speaking to Cathie Wood, CEO of ARK Invest, Lee compared Ethereum’s potential to how Wall Street moved from gold to stocks after 1971.

“Ethereum could reverse Bitcoin the same way Wall Street and stocks reversed gold after 1971,” he said, suggesting that Ether could become the dominant store of value in the next market cycle.

However, Lee also acknowledged growing cracks in the DAT market. He noted that many digital asset treasury companies are now trading below their net asset value (NAV), implying that investors have started to price in overvaluation risks.

“If it’s not already a bubble that has burst… How could this bubble burst?” he asked during an interview with Fortune.

Research from 10x Research supports this view, highlighting that companies like Metaplanet and Strategy are trading at or below their net asset value.

Still, the report adds that well-capitalized DATs with experienced management could still outperform during the next phase of the cycle.

Huobi Founder Li Lin Raises $1 Billion With Partners To Accumulate Ethereum

Meanwhile, Huobi founder Li Lin has reportedly raised $1 billion to launch an Ether-focused treasury fund.

Li, who also chairs Avenir Capital, works alongside Shen Bo, co-founder of Fenbushi Capital; Xiao Feng, Chairman and CEO of HashKey Group; and Cai Wensheng, founder of photo editing app Meitu Inc. and one of China’s largest crypto investors.

The group plans to structure the Ether trust through a Nasdaq-listed shell company, providing a regulated framework for institutional participation.

The project has already raised around $1 billion, including $500 million from HongShan Capital Group (formerly Sequoia China) and $200 million from Li’s Avenir, according to the sources, who requested anonymity because the discussions remain private.

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