Overview
- Tom Lee told Fortune that many digital asset treasuries now trade below the value of their underlying coins and said the bubble has already burst.
- Lee said roughly 80% of firms sit under net asset value and highlighted that trading is concentrated in the largest vehicles.
- BitMine holds over three million ETH—about 2.5% of supply—carries a market capitalization above $15 billion, and is targeting 5% ownership.
- Lee contends BitMine can differentiate through staking rewards and potential inclusion on major stock indexes, positioning it as a liaison to Ethereum’s development.
- Monarq, backed by FalconX, completed a $675 million SPAC merger that includes about $460 million in treasury assets, signaling institutional uptake of audited, custodial DAT structures.