Tom Lee, chairman of BitMine, appeared on Fortune, warning that the bubble surrounding digital asset treasuries may have already burst.
He did not soften his message, describing the structure as one in which companies are now worth less than the coins they are supposed to represent — a situation he calls the clearest signal that “this game has started to collapse.”
The remarks came shortly after the crypto market experienced a $19 billion liquidation wipeout in derivatives — the largest crash on record. The wipeout has left traders watching to see who will admit losses next, as history shows that after a hit like this, news about which funds did not survive typically comes with a delay. Lee decided to step in before that part of the story unfolds.
Numbers, numbers, numbers
BitMine Immersion currently holds 3,032,188 ETH on its books, worth approximately $12,149,678,729, accounting for 2.5% of the total Ethereum supply. This makes it, by far, the largest corporate holder of ETH in the world. The gap between BitMine and other holders is striking: SharpLink holds 838,728 ETH, Coinbase 136,782 ETH, and ETHZilla 102,246 ETH.
When the biggest holder declares that the treasury model is broken, it becomes more than a warning. With over $12 billion tied up in ETH, Lee has cast a spotlight on the growing risk that other firms will soon have to explain.
Estimates indicate that the combined weight of Bitcoin and Ethereum corporate treasuries now exceeds $162.7 billion, underscoring just how far this balance-sheet experiment has gone.
