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Author: 0xLeoDeng Source: X, @leodeng08
8 years ago, Tom Lee had a precise bet on Bitcoin soaring 10 times. Now, why did he choose All in Ethereum?
1. Who is Tom Lee?
Tom Lee is a veteran strategy guru on Wall Street. He was once the chief equity strategist at JPMorgan Chase and later founded Fundstrat.Let’s take a look at his past experience:
– Born from a Korean immigrant family in Michigan, graduated from the University of Pennsylvania Wharton majoring in finance and accounting.
– Joined JPMorgan Chase in 1999 and served as chief equity strategist from 2007 to 2014.He is known for his data-driven independent research and once caused an 8% share price plunge in 2002 by a Nextel report, triggering an internal investigation, but ultimately proved his professionalism.
– In 2017, he was one of the first large-scale institutional figures to stand out and see bullish on Bitcoin. He released a report “Valuation Framework of Bitcoin as a Gold Substitute”, which accurately predicts that Bitcoin’s fair value will reach US$20,300 by 2022.
Tom Lee is not a speculator in the air, but the one who can predict the direction of the air and create the air.
Now, the legendary analyst has once again chosen All in.This time, it is not Bitcoin, but Ethereum, and the “Ethereum version of MicroStrategy” he created by himself – BMNR
2. Why is Tom Lee optimistic about Ethereum at this time?
In a recent interview, Tom Lee was asked: What would he choose if he had to put all his money into BTC or ETH in the next 10 years?
Tom Lee: Of course I will choose Ethereum
For the reasons, we analyze Tom Lee’s thoughts from the point of view:
1. ETH is the biggest macro trading opportunity in the next 10-15 years (macro trade)
Tom Lee made it clear: ETH is the biggest opportunity in the next decade because it is at the intersection of three major trends – financial on-chain, Stablecoin popularization, and AI intelligence.
In his opinion, Ethereum will play a core role in the financial system in the next decade, and its growth potential is even expected to exceed the early Bitcoin: the short-term (next 12 months) target of $10,000-20,000; it may reach $60,000 or higher in the long run.
2. Wall Street will join the Ethereum consensus through staking
As Wall Street financializes the world to blockchain, traditional financial institutions will increasingly use blockchain technology for financial transactions and product innovation.In the public chain, Ethereum, as the Layer 1 blockchain, supports smart contracts and can store and calculate data. It is the world’s largest smart contract platform. It has zero downtime records and has a strong network effect. It is the first choice for carrying these innovations.
Tom Lee believes that the way traditional finance participates in Ethereum is not “buying and selling”, but “staking”.Institutions will stake ETH to participate in the improvements of Ethereum, which is a key difference between centralized finance (CeFi) and decentralized finance (DeFi).
Staking is not a tool of income, but a right to participate and a right to speak.
Through ETH, Wall Street will find an entrance to “intervene in the governance of the decentralized world”.
3. Stablecoin will be the requirements engine for ETH
Tom Lee likens Stablecoin to “ChatGPT moment in the crypto world.”The widespread adoption of Stablecoins (consumers, businesses, banks) marks a key turning point in cryptocurrencies.
He quoted US Treasury Secretary Scott Bessent’s prediction: The Stablecoin market will grow from tens of billions today to US$3.7-4 trillion (about 15-20 times).
Today, giants such as JpMorgan, Goldman Sachs, BNY Mellon, Walmart, Amazon, and Robinhood are all issuing or deploying stablecoins.Most stablecoins run on Ethereum (accounting for about 53.62% of the total stablecoin issuance).
This will lead to exponential growth in Ethereum network fees and usage (USDT and USDC currently account for 25%-30% of ETH network fees), making ETH a direct beneficiary of the GENIUS Act and stablecoins wave.
As @wangfeng_0128 said, stablecoin legislation has allowed Ethereum to play the best role of both “market correct” and “political correct”.
4. AI and robots will drive ETH application explosion
Driven by AI, both assets and robots will be fully tokenized.The most powerful carrier platform for token economy is Ethereum.
He believes that AI-powered automation and robot tokenization will increase the demand for Ethereum networks, especially in enterprise-level applications and financial infrastructure.
ETH is no longer just “buy and leave”, but a token asset that must be “used”.
3. Why didn’t he buy ETH directly, but chose “BMNR” to make All in?
1. Why choose the micro-strategy model of “coin-stock linkage”?
In Tom Lee’s view, ETH Micro Strategy has 5 structural advantages over ETFs or purchasing spot for on-chain custody:
– When the stock price is higher than the net assets, the net assets per share (NAV) can be reflexively increased by purchasing ETH by issuing additional shares.
– It can hedge volatility with tools such as issuing convertible bonds and selling options, so as to achieve low-cost or even zero-cost position building while reducing financing costs;
– Have the ability to acquire other on-chain fiscal companies, thereby further amplifying NAV leverage;
– Can expand ETH staking, DeFi income, on-chain infrastructure and other businesses, and build a continuous source of cash flow;
– Once its ETH holdings occupy a core position in the on-chain ecosystem, or become a key node in the stablecoin payment and clearing network, it will have a position similar to “strategic acquisition potential” (savereign put) and may become a strategic asset that financial institutions preferentially acquire.
Because of this, Tom Lee did not choose ETF or fund structure, but adopted a new model of linking on-chain with the stock market.
2. BMNR: The bearer of Tom Lee’s Ethereum strategy
– Tom Lee leads BMNR, positioning it as “Ethereum’s MicroStrategy”
– The goal is to hold 5% of the world’s ETH, a program called “Alchemy of 5%” (i.e.: 5% ETH alchemy).
– In 35 days, BMNR has bought more than 833,000 ETHs with a market value of more than US$3 billion (as of August 5, 2025), becoming the world’s third largest crypto asset holding company, second only to MSTR and MARA.
3. Capital and market take the lead in BMNR
– Peter Thiel (holds 9.1% of the shares) @PeterThiel: The Godfather of Silicon Valley Investment (early participating in Facebook, SpaceX, Palantir, Stripe, Airbnb, etc.), PayPal United Chuang, Trump’s early allies (referred to Vice President Vance), author of the book “From 0 to 1”
– Bill Miller III @BillMiller3rd: Early Bitcoin Investor, Buy MicroStrategy in 2020
– ARK Invest @CathieDWood: Approximately 6.32 million shares of BitMine have been purchased, worth approximately $208 million
– Other supporters: Mosaic, Founders Fund, Pantera, FalconX, Galaxy, Kraken, DCG and other first-tier funds
4. Compared with other ETH micro-strategy companies, BMNR has stronger financial and liquidity strength
– BMNR launches $100 million stock buyback program
– The company holds more than $400 million in cash and has no liabilities
– Currently, one of the most liquid targets among US crypto concept stocks, with a daily trading volume of US$1.6 billion, and the top 50 liquidity in US stocks, second only to Uber, surpassing traditional leaders such as MSTR and COIN.
4. Forecast: BMNR may enable the “Institutional 2.0 mode” of crypto asset holdings
Although Tom Lee and BMNR are making great strides and betting on Ethereum, there are also calm voices in the industry to remind you to stay rational.
Galaxy Digital CEO Michael Novogratz warned that the peak of new entrants has passed and the focus has shifted to the expansion of existing players.
In other words, the early BTC-style “MicroStrategy gameplay” is coming to an end. The next step is “who can deepen, heavy, and last long.”
$BMNR may represent this new path of “institutionalization + diversification + high expansion”, it depends on how Tom Lee plays.
Against the backdrop of the current accelerated institutionalization but the increasingly obvious trend of head concentration, BMNR may be the only ETH bet company with comparable potential to MSTR.
Conclusion
In 2017, Tom Lee selected Bitcoin; in 2025, he selected Ethereum and BMNR.
This is not a repeat, but an upgrade.Changes from the context of the times + Ethereum evolution
What Tom Lee wants is not just stock gains, but to define and lead an era.
In this battle, can Tom Lee continue to write a legend?Leave the answer to history.
