Key Highlights
- BitMine’s CEO Tom Lee argued that Digital Asset Treasuries can outperform the underlying layer-one asset.
- He said BitMine rose 500% since June 30, compared to Ethereum’s 22% gain in the same period.
- Lee emphasized staking yield, capital markets access and a debt-free balance sheet as advantages.
At CoinDesk’s Consensus 2026 Hong Kong event, longtime Ethereum supporter and BitMine CEO Tom Lee has made a strong case for BitMine investors. He argued that investors could see stronger returns by buying shares of his company rather than holding Ethereum directly.
Given that Lee has been a staunch ETH bull, the remarks about why BitMine’s structure could outperform the underlying asset drastically stand out.
During his session, Lee discussed what he described as the rise of dominant Digital Asset Treasuries, or DATs. He said these publicly traded companies offer a more powerful way to gain exposure to crypto than owning the tokens themselves. “Rise of dominant DATs, and these DATs are arguably better than having exposure to the layer one itself.”
Lee identified MicroStrategy and BitMine as the two largest players in this category, claiming they account for roughly 90% of total trading volume among crypto treasury vehicles.
He said BitMine holds around 4.4 million ETH and is five times larger than the next largest Ethereum-focused treasury firm. It also trades at 14 times the volume of its closest peer.
“Trading volume is really the lifeblood of a DAT because that’s how we access the capital markets.”
Outperformance claims
To support his argument, Lee highlighted the company’s stock performance. He divulged, BitMine shares were approximately $4.50 when the company was “essentially created” on June 30, 2025. From June 30 to December 31, Ethereum rose 22%.
“But look at BitMine. It rose 500%, meaning it outperformed Ethereum by 48,000 basis points.”
This year, so far, Lee noted that Ethereum is down 32%, while BitMine has declined 21%, outperforming ETH by roughly 1,100 basis points.
“The reality is that a properly structured DAT, it’s going to provide you outperformance versus the layer one.”
Staking yield and balance sheet strength
Lee outlined what he described as the four pillars behind BitMine’s growth strategy, beginning with maximizing treasury yield.
He said roughly two-thirds of BitMine’s ETH holdings are staked, generating about $200 million annually. Fully staked, he estimated rewards could reach $300 million per year, or roughly $1 million per day.
If Ethereum rises to $12,000 within the next 12 months, which he described as reasonable, staking rewards could increase to $2.4 billion annually.
“We’re adding Ethereum per share. Our Ethereum held per share is 10 times higher than it was on June 30th. That’s the reason why the stock is outperforming, because we’re growing your shareholding of Ethereum.”
Lee also emphasized that BitMine carries no leverage and holds approximately $600 million in positive cash, claiming, “Bitmine is debt-free.”
A shift in emphasis
At Consensus, the long-time Ethereum advocate has made a strong case for investors to focus less on buying ETH directly and more on owning BitMine as a structured exposure vehicle.
As Chief Executive, Lee would benefit from increased demand for BitMine shares, which can enhance the company’s access to capital markets and expand its ability to accumulate digital assets. His argument rests on the premise that disciplined treasury management, staking optimization and capital market strategy can produce superior returns relative to simply holding Ethereum.
The remarks reflect a broader trend in crypto markets, where publicly traded treasury companies are positioning themselves as leveraged proxies for major digital assets. Whether investors choose direct token ownership or equity exposure may ultimately hinge on their tolerance for corporate risk and their confidence in management execution.
Today, Lee has made it abundantly clear where he believes the advantage lies.
Live Coverage Note: The Crypto Times is reporting live from Consensus Hong Kong 2026, one of Asia’s largest crypto gatherings. Stay tuned for the latest updates from the event.
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