Tom Lee: The bubble of digital asset treasury companies may have burst

According to a recent report from ChainCatcher, in Fortune magazine's recently released "Crypto Playbook" video series, BitMine Chairman Tom Lee offered key perspectives on the current digital asset market.

He noted that the recent valuation volatility experienced by a number of digital asset treasury companies may signal the beginning of a bursting of a bubble that had accumulated earlier in the sector.

Lee further explained that while Ethereum has faced occasional slowdowns in recent years due to fierce competition from other blockchain platforms and technical challenges such as scalability, its position as "Wall Street's preferred blockchain" remains solid. As traditional financial institutions explore innovative businesses such as stablecoin issuance and asset tokenization, Ethereum, with its mature ecosystem and infrastructure, continues to support a wide range of related financial practices.

Many stablecoins and various tokenized assets, particularly those native to Ethereum, continue to attract the attention of the mainstream financial community.

While discussing some digital asset treasury companies, Tom Lee pointed out a concerning phenomenon: as more and more of these companies enter the public markets, the stock prices of many of them have fallen below their corresponding net asset values, that is, below the total value of the crypto assets actually held by the companies. He bluntly asked, "If this is not a bubble burst, then what is?"

This statement not only reflects the current market's re-examination of the valuation logic of digital asset companies, but also highlights that during the period of industry consolidation and rationalization, investors are gradually shifting from enthusiasm to calm.