Tom Lee, chairman of Bitmine Immersion Technologies, used BlackRock’s Bitcoin report to reinforce the case for Ethereum (ETH). BlackRock’s paper, titled « Re-Underwriting Bitcoin, » examined Bitcoin’s more than 50% decline from its October 2025 high, attributing the pullback to capital rotating into AI-themed equity funds. Lee argues that blockchains and smart contracts keep humans involved in overseeing the behavior of developing AI systems. Bitmine, where Lee serves as chairman, holds approximately 4.8% of Ethereum’s circulating supply, making him one of the asset’s largest institutional stakeholders. Ethereum traded near $1,908 as of August 19, 2026, according to CoinGecko data.
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