The World’s Largest ETH Holder - Tom Lee on Treasuries, Ethereum Dominance, and Wall Street

Bankless

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Tech News, News, Technology

4.8 • 1.1K Ratings

🗓️ 6 August 2025

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, we talk with Tom Lee, chairman of Bitmine, about the rapid growth of his ETH treasury company and its goal to secure 5% of the total ETH supply. Tom believes Ethereum could surpass Bitcoin in value, forecasting potential prices between $4,000 and $15,000. We discuss market dynamics, risks of excessive leverage, and his insights on valuing Ethereum and NFTs like Pudgy Penguins. Tune in for key insights into Ethereum’s future and Wall Street’s role in crypto. ------ 📣 LISTEN TO THE EXCLUSIVE DEBRIEF: https://www.bankless.com/podcast/debrief-tom-lee-treasury ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle ------ TIMESTAMPS 0:00 Intro 2:57 The Rise of ETH Treasuries 8:27 The 5% ETH Strategy 12:08 The Role of Ethereum in Wall Street 17:57 Accumulating More ETH 26:39 Wall Street's Misunderstanding of Crypto 29:41 Ethereum's 2017 Moment 37:09 The Potential for 100x 45:52 Estimating ETH's Value 50:08 Navigating Market Risks 59:36 Closing Thoughts on Ethereum ------ RESOURCES Tom Lee https://x.com/fundstrat ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Transcript

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0:00.0	I think the upside case for ETH is actually higher than, let's say, Bitcoin did 100x.
0:06.3	You know, could Ethereum do 100X?
0:08.0	I think that that could happen because there is probably a non, a significant probability
0:13.8	that Ethereum could flip Bitcoin as well in terms of network value.
0:20.5	Bankless Nation, we have Tom Lee here, legendary Wall Street investor, chairman of the newly
0:24.4	launched ETH Treasury Company, BitMai.
0:27.0	The ticker is BMNR.
0:29.1	Tom, welcome back to bankless.
0:31.4	Yeah, thanks.
0:32.2	Good to see you guys again.
0:33.6	It's great to see you.
0:34.4	It's been about a year, and you've been pretty busy.
0:36.9	I got to 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 ETH. 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.
1:01.8	How does that feel?
1:03.9	Well, I guess, I mean, we move very quickly because we started this, announced it on June 30th, and it closed on July 8th.
1:13.9	So in, you know, like in 27 calendar days since the close, we've moved at very high velocity to acquire this ETH quickly.
1:27.8	But I think it's important because micro strategy really has demonstrated that his 30 times
1:35.0	return, his pivot when micro strategy was $13 in August 2020 to now, you know, Bitcoin made
1:42.0	a big step move from 11,000 to 120,000.
1:45.0	But his treasury strategy delivered another 20x on top of that.
1:50.0	That's how we got a 30x total return.
1:53.2	And I think Ethereum is one of the biggest macro trades over the next decade.
	...

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