Ethereum had quite the ride as well, blasting up over $4,600 and then up to $4,700. This spike came after our friend Tom Lee filed for ETH expansion at his firm Fundstrat Global Advisors. Another company, BitMine (BMNR), even filed to raise up to $20 billion so it could purchase more ETH. Lee’s black hole-esque, aggressive accumulation strategy has certainly turned heads within the cryptocurrency community. At this rate, analysts estimate that his firm could control 5% of the total ETH supply by 2026. This sort of activity has inflated the price of ETH. Beyond that, the ETH treasury debate has fueled speculation about other web3 giants entering the ETH treasury race.

With excitement building around the recent boom in Ethereum, it’s worth taking stock of the magnitude and influence of Tom Lee’s investment strategy—especially for a passive strategy. Tom Lee just announced his intent to buy $20 billion of ETH this calendar year. This recent move would highlight his deep fiduciary feelings for the cryptocurrency. BitMine (BMNR) filed a new ATM to raise $20B (up from $4.5B) to purchase additional ETH.

Lee's Ambitious ETH Accumulation Plan

Tom Lee is smartly loading up on ETH, and the meme is spreading fast. In fact, projections indicate that by 2026, he might have 5% of the entire ETH supply. This rate is a claimed 12x quicker than the pace of Michael Saylor’s Bitcoin accumulation. For some context, the equivalent build-up in Bitcoin would be roughly $100 billion to $150 billion.

Tom Lee’s massive ETH buys have been shaking the market to the core. Naturally, ETH skyrocketed by about 10% after the news hit. This increasing demand and resultant pressure on price has led to proposals of an ETH “infinite bid.” Others argue that this phenomenon is a sign of deep market excitement. Any downward movement in ETH is quickly purchased due to Tom Lee’s deployment of cash my friend.

this is why it looks like $ETH is just moving up in a straight line, they have to use it because they are likely to do it all again tomorrow. Any dips get ate because they have to, just so much cash to deploy - djohnson

Market Response and Broader Implications

The market has responded positively to Tom Lee's ETH treasury plans, with many considering it the most significant development in the space. ETH Price Jumped to $4,700 When Tom Lee Froze And Filed To Raise $20B ATM To Buy More ETH This increase is a testament to the increasing confidence in Ethereum’s long-term potential and the power of strategic investments.

"I can defeat all your ETH bear arguments in one sentence. Tom Lee just filed to expand his ETH buys by $20 billion.” - Ryan Adams, Bankless

Already, people are talking about other high-profile players like Yuga or Reddit following suit and building their own ETH treasuries. This recent development may make the markets seismically different. Tom Lee’s endorsement could be seen as a harbinger of more institutional investment in Ethereum. Tom Lee’s accumulation of ETH would put him on track to acquire 5% of the total ETH supply by 2026.

Altcoins and the "ETH Treasury Race"

The market’s enthusiasm is not limited to just ETH, as other altcoins are enjoying major double-digit daily gains. ETHZilla (ATNF) was the most incredible 300% jump you’ve ever seen as Peter Thiel revealed his 7.5% ownership share. They currently have 82.186 ETH and $238 million in cash on hand that they can spend.

Or, as Davey Smith put it last week, the idea of an “ETH treasury race” is gaining steam. Lee is quickly becoming a national leader on this exciting movement. From this viewpoint, strategic ETH accumulation may provide a basis for widespread adoption among institutional investors. The green room door is wide open, and Tom Lee is marching us in.

"Tom Lee wants to buy $20B worth of ETH in a single year. 5% of the total ETH supply. on pace to achieve it in 2026. 12x faster than Michael Saylor. only one of the many ETH treasuries” - ripdoteth