Fundstrat's Tom Lee on being named chairman of BitMine Immersion Technologies

요약 보기

Fundstrat의 Tom Lee는 스테이블코인 성장(현재 약 2,500억 달러에서 2조 달러까지)이 이더리움 네트워크 수수료와 보안 수요를 키운다고 주장한다. 이에 BitMine Immersion Technologies가 2억 5천만 달러 사모로 이더리움을 축적하는 트레저리 구조를 만들고, Tom Lee가 회장을 맡는다고 설명한다. 스테이블코인 발행액은 미국 국채 보유 및 달러 패권 강화 효과가 있다는 논리도 덧붙인다.

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01. Joining us right now is Funstrat's Tom Lee. He's also a CNBC contributor and this morning he's got some news. Bitcoin miner Bitmine Immersion Technologies announcing that Tom will become its chairman. Um Tom, welcome first of all. And this is some big news. It's kind of complicated, but probably suffice to say that you all are doing uh basically what Micro Strategy did uh with Ether.

02. You're going to make Ether the purchases that you buy through this. you're going to set this whole thing up like this. You want to explain a little bit? Uh, yeah, glad to. You know, I'm I'm still a big fan of Bitcoin because I think it is, you know, digital gold, but what we've seen in the last uh really in 2025 is the financial services industry and crypto are converging and it really started with stable coins, which is the chat GBT of crypto, right?

03. because it's viral adoption by consumers, businesses, banks, and now even Visa. Underneath the stable coin industry is Ethereum. That is really like the the backbone and architecture of stable coins. So, it's important to create a project that essentially accumulates Ethereum to essentially protect and have some influence on the network.

04. So, that's why we're creating this treasury vehicle to buy Ethereum. um the more Ethereum that's accumulated uh the more secure the network is. And I think it's also sort of the architecture that future banks will have. You know, when Goldman issues a stable coin and JP Morgan doing it on Ethereum as a layer 1 blockchain, they're going to want to secure it by staking Ethereum.

05. So, we're trying to get in front of that by creating a treasury. Why, just so I understand, it's safer if you own more of it. Explain why that would be. Well, Ethereum is a proofofstake network, right? So unlike Bitcoin which is proof of work and miners do all the work for you and that's why you have decentralized trust in Ethereum it's important for uh these entities to essentially validate transactions.

06. So by becoming a staking entity you're sort of securing the fidelity of stable coins. So you don't want a stable coin like USDC or USDT to be on a blockchain that's outside the purview of the US. And so I think Ethereum is a you know high quality the second largest blockchain network and it's over 51% of stable coins and 30% of all fees on Ethereum are actually stable coin revenues.

07. So we even have the Treasury Secretary Scott Bessant talking about how stable coins could be very positive. He likes them, likes to see what's there. Um but you're basically saying with this and we've also seen what happened with Circle, the stable coin issuer, huge runup um after their IPO. So you're basically saying that this is the new Bitcoin you're getting in at in a very early stage.

08. Correct. That's right. Because let's say stable coins which is 250 billion today gets to treasury secretary bestance reasonable two trillion. That's a 10 times increase in size. By the way already stable coins are the 12th largest holder of treasuries. They'll become the number one holder by then. Mhm.

09. U dominance is 27% in GDP terms. It's 57% of central bank reserves. It's 80% of financial trading transactions. It's 100% of stable coin denomination. So by getting to two trillion, you're ensuring dollar dominance. This is very good for the US. But two trillion of stable coins is a lot of network fees for Ethereum.

10. So Bitmine immersion, what you're doing is a $250 million private placement, which is all going to be put into Yes. Ether. That's right. We we created a carefully curated list of investors to bet on this. Uh if you look at the press release, it is the blue chip both in the financial world and in the crypto world.

11. We have Founders Fund, uh Kraken, Galaxy Digital. Yeah. Pantara. Yeah. So these are in the crypto world and these are like sort of the blue chip crypto entities and of course uh Founders Fund is is legendary in the traditional financial world. And how how do you measure this is just based on exactly how Ethereum is is trading?

12. Well, yeah, the the strategy of the company is going to be based on how much Ethereum is held per share. Okay. And as of today, it's $4. And the company as we explained in the press release can increase its holdings ETH by uh you know getting yield from Ethereum uh doing financing transactions at a premium to their holdings and of course if Ethereum goes up. So, I think there's three ways that that value per ETH actually grows.