BitMine's chairman, Tom Lee, stated that "the bubble has burst" in the crypto treasury companies sector as many businesses are currently trading below their net asset value (NAV). According to Fortune, Tom Lee shared at Crypto Playbook that many Digital Asset Treasury (DAT) companies are now trading below their net asset value (NAV) - a sign that this market bubble may have burst. BitMine, with a market capitalization of over 15 billion USD, currently holds more than 3 million Ethereum (equivalent to about 2.5% of the total ETH supply). However, Tom Lee aims to increase this ratio to 5%. Although investors currently have more options to buy major crypto assets compared to when Michael Saylor began accumulating Bitcoin for MicroStrategy, Lee believes BitMine still has its own advantages, including: - Earning profits from staking - Being listed in major stock indices. Tom Lee commented: "Ethereum is still Wall Street's blockchain, and BitMine is the bridge that helps institutions better understand Ethereum's upgrades." However, he also warned that the overwhelming emergence of many new DATs, especially those holding assets like Dogecoin or Worldcoin, is causing the entire industry's valuations to decline and risks to increase.
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