Fundstrat’s Tom Lee Indicates Diminishing Treasury Excitement, Yet Supports $1.5B Ether Acquisition

Fundstrat’s Tom Lee perceives that the recent enthusiasm surrounding digital asset treasuries (DATs) is diminishing, yet his faith in Ethereum remains steadfast.

Key Takeaways:

• Tom Lee of Fundstrat continues to be optimistic about Ethereum, having acquired $1.5 billion in ETH.
• BitMine Immersion Technologies mirrored this action, purchasing 379,000 ETH valued at $1.5 billion.
• Lee cautioned that numerous DATs are currently trading below their net asset value, indicating a potential bubble burst.

The seasoned strategist disclosed that he invested $1.5 billion in Ether following last weekend’s market downturn, reinforcing his belief in what he considers a long-term opportunity, as stated in an interview with Fortune.

BitMine Accumulates 379,000 ETH Worth $1.5B

As per on-chain data from Arkham Intelligence, Bitcoin mining company BitMine Immersion Technologies executed a similar strategy, acquiring 379,271 ETH valued at approximately $1.5 billion through three significant purchases over the week.

The transactions comprised 202,037 ETH obtained immediately after the market liquidation, followed by 104,336 ETH on Thursday and an additional 72,898 ETH on Saturday.

Although BitMine has not yet verified these transactions, the tracking account “BMNR Bullz” reported consistent wallet activity associated with the firm.

BitMine has rapidly established itself as the largest holder of Ether treasury, now possessing over 3 million ETH, which represents about 2.5% of the total supply, valued at around $11.7 billion.

The company began acquiring the asset in early July when prices were near $2,500, with the goal of eventually controlling 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

In a discussion with ARK Invest CEO Cathie Wood, Lee likened Ethereum’s potential to the transition Wall Street made from gold to equities after 1971.

“Ethereum could flip Bitcoin similar to how Wall Street and equities flipped gold post ’71,” he stated, implying that Ether may emerge as the primary store of value in the forthcoming market cycle.

Nonetheless, Lee also recognized emerging issues within the DAT market. He pointed out that many digital asset treasury firms are now trading below their net asset value (NAV), suggesting that investors have started to factor in the risks of overvaluation.

“If that’s not already a bubble burst… How would that bubble burst?” he queried during an interview with Fortune.

Research from 10x Research supports this perspective, indicating that companies like Metaplanet and Strategy are trading at or below their NAVs.

However, the report noted that well-capitalized DATs with experienced management could still excel in the next phase of the cycle.

Huobi Founder Li Lin Raises $1B With Partners to Accumulate Ethereum

In parallel, Huobi founder Li Lin has reportedly secured $1 billion to establish an Ether-focused treasury fund.

Li, who also leads Avenir Capital, is collaborating with 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 a prominent crypto investor in China.

The group intends to structure the Ether trust through a Nasdaq-listed shell company, creating a regulated framework for institutional involvement.

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

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