August 1, 2025
5 min read
Pedro Solimano
Tom Lee explains how BitMine’s aggressive Ethereum accumulation is driving true scarcity amid the crypto treasury craze.
Tom Lee, chairman of BitMine Immersion Technologies, highlights a significant, yet often overlooked, trend in the crypto treasury space: the aggressive accumulation of Ethereum by a select group of corporations. Lee asserts that "there's true scarcity in Ethereum right now," emphasizing not only the asset's inherent value but also the accelerated pace at which it is being acquired.
This strategy echoes the pioneering approach of Michael Saylor and MicroStrategy, which began accumulating Bitcoin in August 2020 and now holds a substantial portion of its total supply. This has seen a significant surge in MicroStrategy's stock price, spurring other companies to explore similar treasury management strategies.
The trend has now extended to Ethereum, with BitMine, a previously lesser-known Bitcoin miner, emerging as the largest public holder of Ethereum. In just two weeks, the company amassed over $2 billion worth of Ether, with plans to acquire up to 5% of Ethereum's total supply, as detailed in their investor deck, "The Alchemy of 5%." Despite skepticism from figures like short seller Jim Chanos and warnings from Coinbase analysts regarding systemic risks, Lee remains optimistic about Ethereum's prospects.
Pedro Solimano is DL News’ Buenos Aires-based markets correspondent. Source: Originally published at DL News on 1 August 2025.
Bigger Opportunity in Ethereum
Lee views Ethereum as presenting a greater macro opportunity than Bitcoin, describing it as "the biggest macro trade of the decade." He points to stablecoins, with their $272 billion market valuation and potential growth fueled by legislation like the US government's Genius Act, as a key driver for Ethereum's adoption. Lee likens stablecoins to the "ChatGPT of crypto," with Ethereum serving as its "backbone"—a legally recognized and highly reliable infrastructure.Mimicking MicroStrategy’s Model
In alignment with MicroStrategy's "Bitcoin per share" metric, BitMine has introduced an "ETH per share" metric to track its Ethereum holdings relative to its stock. As of July 27, BitMine reported holding approximately 600,000 Ether, valued at around $2.2 billion, along with 192 Bitcoin and over $400 million in cash. With 118 million fully diluted shares, the net asset value per share stands at approximately $23, a significant increase from less than a month prior. BitMine aims to further increase this value through market activities, reinvested cash flow, and the appreciation of Ether prices. Uniquely, BitMine also plans to stake its Ether holdings, projecting an annual net income of $100 million, thus integrating a treasury strategy with an infrastructure business.Transforming Capital Markets
Lee draws parallels between current crypto treasury companies and traditional resource-based valuations, referencing ExxonMobil, which was historically valued not only on its earnings but also on its vast reserves of untapped oil and gas. Similarly, companies like MicroStrategy are now increasingly valued based on their significant cryptocurrency holdings. MicroStrategy's Q2 profit of $10 billion, largely attributed to its Bitcoin assets, exemplifies this shift, leading Lee to conclude, "It's a new world: companies valued purely on their crypto holdings."Pedro Solimano is DL News’ Buenos Aires-based markets correspondent. Source: Originally published at DL News on 1 August 2025.