Bitcoin Maxis Blast Tom Lee for Using BTC Branding to Push ETH Fundraise
Bitcoin purists have found a new nemesis: Fundstrat’s ever-bullish Tom Lee.
Lee is under fire from BTC advocates for leveraging a Bitcoin-branded logo to raise billions — not for Bitcoin — but for Ethereum.
From BTC Mines to ETH Hoards
BitMine Immersion Technologies, once a low-key Bitcoin mining outfit specializing in immersive cooling, made headlines in late July with a dramatic pivot. Under newly appointed chairman Tom Lee, the company ditched its Bitcoin focus in favor of an aggressive Ethereum treasury strategy.
That gamble catapulted BitMine into the top spot for corporate ETH holdings, far surpassing Joe Lubin’s SharpLink Gaming, with a stash now worth nearly $5 billion. The move also drew heavyweight backing from Peter Thiel’s Founders Fund and Cathie Wood’s Ark Invest.
ETH’s Michael Saylor?
Once famous for lofty Bitcoin price calls on CNBC, Lee now seems intent on becoming Ethereum’s version of MicroStrategy’s Michael Saylor. Earlier today, BitMine announced plans to raise up to $20 billion for further ETH accumulation.
But the branding choice struck a nerve. Prominent Bitcoiner grubles (@notgrubles) questioned the ethics of raising ETH funds under a Bitcoin logo:
> “Anyone else find it sus to use a company with a Bitcoin logo for pumping ETH?”
Lee has previously predicted ETH could overtake Bitcoin by market cap — and recently slapped a sky-high $16,000 target on the altcoin.
#Write2Earn #ETH5kNext? #DeFiGetsGraded #BTCOvertakesAmazon #BTCReclaims120K
