Five years ago, or more precisely, on August 11, 2020, Michael Saylor began what he called his own Corporate Alchemy.
To do this, Strategy CEO deployed various debt issuance mechanisms, such as convertible actions and bonds, funding Bitcoin purchases without relying on operating income.
at the moment, The American company is the most BTC company in the Treasury, with a total of 628,946 BTC..
Repeated purchases of BTC created a kind of “say coronation” at the Ministry of Corporate Finance. This means that more and more companies have chosen to incorporate the currency created by Nakamoto as a shelter to protect themselves from economic turbulence and geopolitical tensions.
Over time, this strategy evolved, with some companies expanding their approach beyond BTC. In this way, Ethereum’s cryptocurrency, ether, began to become more prominent.
And just as assets have changed at the centre of attention, Ethereum’s new Ultra-Ran the Defender also appeared: Tom Lee.
In this regard, financial market analyst Scott Mercer said, “Tom Lee is becoming Michael Saylor of ETH. There is no doubt about that.”
Tom Lee is a co-founder of Fundstrat and president of Bitmine Immersion (BMNR). Company with more ETH in the Ministry of Corporate Finance. Currently he has 1.15 million ETHs in his hands, worth $4.9 billion.
Additionally, as you can see in the following image, it is the third public company with digital assets on its balance.
Lee positions herself as the main visible face of ETH. Through its network, it will popularize price forecasts, promote long-term accumulation, share information about recent corporate purchases, and highlight the strategic potential of cryptocurrency.
Mercer also highlights the fact that BMNR has accelerated with ETH purchases over the past five weeks. “The best thing is that Tom Lee not only buys a lot of ETH, but also introduces assets to Wall Street. The ETH inverter is finally on the right side of both. Momentum Like emotions,” explains the analyst.
This impulse not only strengthens the story of ETH as a reserve asset; It also gives visibility among more traditional investorspromotes rising prices.
For this reason, Mercer says ETH is “crazy” and warns Tomley that the network assets created by Vitalik Buterin are the main reason being negotiated for $4,500 at a level that has not been seen since 2021.
On August 4th, Bitmine reported a purchase of 208,000 ETH, worth $2.9 billion. According to the specialist, the investment rivals the recent acquisition of 21,021 BTC, created by Strategy, one of BTC’s biggest purchases in five years of the company’s history. He added, “To put that in context, Bitmine’s market capitalization is around $70 million compared to its $1,15,000 million strategy, which is equivalent to a featherweight fighter (approximately 66 kg) over several years of training, throwing strong blows like heavyweights (over 93 kg).
Simply put, Mercer shows the image of a featherweight fighter and reinforces that idea. Bitmine plays in the same league as the bigger, integrated actor despite his shortest career.
Here we need to mention another issue. Bitmine’s plan is to reach 5% of ETH’s current supplyETH of 120 million people. “It’s surprising given that Bitmine has won ETH for weeks and already represents 6.7% of the size of the Strategic Treasury. I don’t think this rhythm is well maintained to complete the dollar.”
Analysts are considering highlighting another aspect. This is the supply dynamics between the Ministry of Corporate Finance’s BTC and ETH. In this subject, “The BTC Treasury maintains 3.65 million BTC, accounting for about 17.4% of the total supply, and, given the lost currency, it is potentially 20-25%, potentially 20% to 25%. In comparison, ETH is only about 4.89% of the Treasury supply.
What Mercer raises is that the level of institutional adoption is still very low compared to BTC. The second most valuable asset in the market has a big growth margin.
In conclusion, he says, “Tom Lee makes it almost impossible for Bitmine’s competitors to follow him.”
