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ETH Fundstrat co-founder Tom Lee: Ethereum leads the second wave of AI, BitMine holds 5.77 million ETH
Fundstrat co-founder Tom Lee regards Ethereum as a core component of his so-called "second wave" of artificial intelligence (AI), and funds are currently being diverted away from the overvalued semiconductor sector. The well-known Wall Street strategist and current chairman of BitMine Immersion Technologies stated his views in a recent letter to shareholders and public posts.
Ethereum's role in the integration of AI and blockchain
Lee highlighted two core reasons why the integration of AI and blockchain technology seems inevitable. First, he pointed out that the rise of autonomous AI agents-which can now execute transactions and transfer funds without human intervention-requires a strong and untamper settlement layer. He believes Ethereum plays just this role, serving as the neutral digital framework needed to securely manage interactions between machines.
Second, Lee pointed to the growing crisis of trust in traditional institutions such as governments, banks and large technology companies. He believes that in the era of autonomous AI, individuals are unlikely to entrust sensitive data or digital assets to centralized organizations. Instead, he argued that Ethereum's decentralized nature is the only viable alternative to protecting consumer interests. Venture capital firm Andreessen Horowitz (a16z) has previously described the intersection of AI and blockchain as a "great convergence."
BitMine strategically increases its holdings in Ethereum
BitMine Immersion Technologies, chaired by Lee, has a cumulative hold of 5.77 million ETH units, accounting for 4.8% of Ethereum's total global supply. This makes BitMine the world's largest corporate holder of Ethereum, further tying the company's financial interests to Lee's bullish expectations for the network.
Lee revealed that Ethereum has outperformed the computer memory (DRAM) sector by 55% in the past month. The remarkable rally has driven inflows into spot crypto ETFs, including BlackRock's ETHA, and some investors have reduced their exposure to chipmakers in response to the sector's overall correction.
Asset performance: Ethereum (ETH) outperformed the DRAM sector by 55% within one month; corporate positions: BitMine holds 5.77 million ETH (accounting for 4.8% of global supply). The DRAM sector is in a pullback stage and is not applicable.
Traditional finance boosts Ethereum application
According to Lee, the Ethereum ecosystem has also been strengthened by new initiatives in the traditional financial sector. He mentioned Robinhood Chain, a blockchain network where all transaction fees are denominated in ETH, which promotes Ethereum's function as a global medium of exchange. Lee also highlighted BlackRock's BUIDL fund, which has assets of more than $2.6 billion. In addition, investment bank JPMorgan Chase has migrated some of its products to the Ethereum public chain and is developing its own tokenized money market product MONY Fund.
Lee believes that the accelerated adoption of Ethereum by financial institutions confirms its expanding role in the AI and financial industries.
Investor sentiment and future outlook
Despite these developments, Lee observed a considerable degree of pessimism among retail market participants. He referred to massive selling by retail investors and called such exits "angry exits at the bottom." Lee likened Ethereum's current trajectory to Amazon's early stages of the public market, which experienced a long period of stagnation before continuing growth. He believes that the current market weakness may conceal the potential value of Ethereum.
Lee emphasized that "machines need rules" and a secure transaction infrastructure, which is why Ethereum's stand-alone digital framework is expected to become the guardrail of the growing autonomous AI economy.
