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BitMine Chairman Tom Lee stated that the bubble of digital asset vault companies may have burst.
PANews, October 16th news, according to Fortune, BitMine Chairman Tom Lee mentioned in Crypto Playbook that several DAT (Digital Asset Trust Companies) are trading below their net asset value, indicating that the bubble may have burst. BitMine is transforming into a public vehicle primarily holding Ethereum, with a market capitalization exceeding $15 billion and holding over 3 million ETH (approximately 2.5% of the total supply), aiming to increase this to 5%, and generating yields through staking while being included in major indices. Lee stated that Ethereum is still the “Blockchain of Wall Street,” with BitMine acting as a bridge for institutions to understand Ethereum upgrades; however, he warned of more DATs entering the market, covering “alt” assets such as Dogecoin and Worldcoin, which could exacerbate valuation discounts and risks.