Bitcoin (CRYPTO: BTC) maximalists typically call their coin "digital gold." But Tom Lee, Fundstrat co-founder and now chairman of Bitmine Immersion Technologies Inc (NYSE:BMNR), is maximizing the potential of a different digital asset — Ethereum (CRYPTO: ETH).
Lee’s company, in just 35 days, has quietly built the largest corporate Ethereum (CRYPTO: ETH) treasury in the world—$5.26 billion worth of ETH.
- Track $ETH price surge here.
From Bitcoin Miner To Ethereum Whale
Bitmine, once a traditional Bitcoin miner, flipped the script by pausing BTC mining and going all-in on Ethereum. Backed by Peter Thiel, the firm scooped up 833,137 ETH at an average price of $3,492 per coin. It didn't stop there—Lee doubled down during a price crash, adding another $130 million worth of Ethereum.
The haul now totals 1.174 million ETH, making BitMine the third-largest public crypto treasury globally, behind only Strategy Inc (NASDAQ:MSTR) (aka MicroStrategy) and MARA Holdings Inc (NASDAQ:MARA) (aka Marathon Digital).
Stock Soars As Lee Doubles Down
That kind of conviction has caught Wall Street's eye. Ethereum recently traded near $3,679, up 40% over the past month, even while still 24% below its 2021 high. BMNR has rocketed over 725% year-to-date, peaking at $135 in July before settling near $58. For a company once synonymous with Bitcoin mining, the pivot has been nothing short of explosive.
For Lee, who has made a career out of contrarian calls, the message is clear: Ethereum's utility—staking rewards, smart contracts, and scaling—outweighs Bitcoin's static "digital gold" narrative. Institutional investors may be starting to agree. As Lee himself argues, ETH is fast becoming a Wall Street favorite, offering yield and real-world functionality that Bitcoin can't match.
Whether Ethereum can overtake Bitcoin in market dominance remains an open question. Indeed, it has a long way to go. Between Aug. 11–15, Ethereum spot ETFs saw a record $2.85 billion inflow—the largest weekly gain ever.
Meanwhile, Bitcoin spot ETFs drew $548 million.
U.S.-listed ETH ETFs now hold $28.15 billion (5.34% of ETH's market cap), compared with Bitcoin's $151.98 billion (6.54% of BTC's market cap).
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