Tom Lee Just Declared ‘A Bubble Burst’—Will BitMine And Strategy Be Ok?
Posted On October 16, 2025
Tom Lee, chair of BitMine Immersion Technologies Inc. (AMEX:BMNR), has sounded the alarm on digital asset treasuries, warning that the sector is “running out of steam” as valuations collapse.
Digital Asset Treasuries Face Reckoning
Speaking on Fortune’s Crypto Playbook podcast, Lee argued that the digital asset treasury, or DAT, trend that defined the past two years has run out of momentum.
These companies, structured as public vehicles holding vast cryptocurrency reserves, have drawn comparisons to Strategy Inc. (NASDAQ:MSTR), which pioneered the approach in 2020 by accumulating Bitcoin (CRYPTO: BTC) as a corporate reserve.
“Many of these firms are now trading below their underlying asset value,” Lee said, suggesting investors no longer view DATs as efficient …
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