Fundstrat’s Tom Lee believes the recent excitement around digital asset treasuries (DATs) is cooling, but his confidence in Ethereum remains firm.
Key Takeaways:
- Fundstrat’s Tom Lee remains bullish on Ethereum, purchasing $1.5 billion worth of ETH.
- BitMine Immersion Technologies mirrored the move, buying 379,000 ETH worth $1.5 billion.
- Lee warned that many DATs are now trading below their net asset value, signaling a possible bubble burst.
The veteran strategist revealed that he purchased $1.5 billion worth of Ether following last weekend’s market crash, doubling down on what he sees as a long-term opportunity, he said in an interview with Fortune.
BitMine Accumulates 379,000 ETH Worth $1.5B
According to on-chain data from Arkham Intelligence, Bitcoin mining firm BitMine Immersion Technologies made the same move, accumulating 379,271 ETH worth roughly $1.5 billion across three major purchases over the week.
The transactions included 202,037 ETH acquired right after the market liquidation, followed by 104,336 ETH on Thursday and another 72,898 ETH on Saturday.
While BitMine has not yet confirmed the transactions, tracking account “BMNR Bullz” reported consistent wallet activity linked to the company.
BitMine has quickly become the largest Ether treasury holder, now sitting on more than 3 million ETH, or about 2.5% of the total supply, valued at around $11.7 billion.
The firm began accumulating the asset in early July when prices were near $2,500, and it aims to eventually control 5% of all Ether in circulation.
MASSIVE ETHEREUM ACCUMULATION
Bitmine just went ALL IN on $ETH scooping up a total of 379,271 ETH ($1.48B) during the dip!
+72,898 ETH ($281M) yesterday's dip
+104,336 ETH ($417M) 3 days ago+202,037 ETH after the weekend crash
Tom Lee wasn’t joking when he said… pic.twitter.com/oiyhLO79wk— BMNR Bullz (@BMNRBullz) October 18, 2025
Speaking with ARK Invest CEO Cathie Wood, Lee compared Ethereum’s potential to how Wall Street transitioned from gold to equities after 1971.
“Ethereum could flip Bitcoin similar to how Wall Street and equities flipped gold post ’71,” he said, suggesting Ether may 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 investors have begun to price in the risks of overvaluation.
“If that’s not already a bubble burst… How would that bubble burst?” he asked during an interview with Fortune.
Research from 10x Research supports this view, pointing out that firms like Metaplanet and Strategy are trading at or below their NAVs.
Yet, the report added that well-capitalized DATs with experienced management could still outperform in the next phase of the cycle.
Huobi Founder Li Lin Raises $1B 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, is working alongside Shen Bo, co-founder of Fenbushi Capital; Xiao Feng, chairman and CEO of HashKey Group; and Cai Wensheng, the founder of photo-editing app Meitu Inc. and one of China’s most prominent 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 about $1 billion, including $500 million from HongShan Capital Group (formerly Sequoia China) and $200 million from Li’s Avenir, according to the people, who asked not to be identified because discussions remain private.
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