Chainfeeds Introduction:
Thomas Jong Lee, often referred to as Tom Lee, is a well-known American stock market strategist, research director, and financial commentator.
Article Source:
https://mp.weixin.qq.com/s/pWPGkwJMQCecUdueb-a1gw
Article Author:
Wu Blockchain
Perspective:
Wu Blockchain: He was born in Westland, Michigan, USA, as the third child of a Korean immigrant family. His father was a psychiatrist, and his mother transitioned from a housewife to a Subway chain store operator. Lee later entered the Wharton School of the University of Pennsylvania, majoring in finance and accounting. According to a Wall Street Journal report in January 2021, Lee often cooks to relax after a busy day, especially enjoying trying to recreate his mother's Korean dishes. He is low-key, scholarly in style, rarely refutes critics, and instead tries to respond with data. In an interview, he once said: "I cannot refute critics. I don't know what will happen. The stock market doesn't care about my opinion, so I can only try to understand what the market is saying." Lee's Wall Street career began in the 1990s, working at Kidder Peabody and Salomon Smith Barney. He joined JPMorgan in 1999 and served as the firm's chief equity strategist from 2007 until his departure in 2014. During his tenure, he gained media attention for his optimistic market views and was involved in industry controversies due to his commitment to critical research. In 2014, Lee co-founded the independent research firm Fundstrat Global Advisors and became its research director, successfully transitioning from a traditional investment bank strategist to an independent research institution leader. He was one of the first Wall Street strategists to incorporate Bitcoin into the mainstream valuation system. In 2017, Lee published a report titled "A framework for valuing bitcoin as a substitute for gold," first proposing Bitcoin's potential to partially replace gold as a store of value. The framework was built on three key parameters: the average annual growth rate of the US monetary base, the multiple of alternative asset values like gold to the total monetary supply, and Bitcoin's potential market share in this alternative value system. According to this model, Bitcoin's theoretical value center in 2022 was $20,300, with a valuation range between $12,000 and $55,000. Lee noted in the report that as the total market value of crypto assets exceeded $500 billion, central banks and institutional investors might consider including them in foreign exchange reserves and asset allocation. Additionally, he proposed a short-term valuation model based on Metcalfe's law, which could explain about 94% of Bitcoin's price changes since 2013. In June 2025, Lee was appointed as the chairman of the board for BitMine Immersion Technologies, beginning to participate in the company's strategic transformation from traditional mining to enterprise-level ETH reserve structures. In the same month, the company completed a PIPE private placement, raising $250 million, and subsequently launched an ATM issuance plan of up to $2 billion. By mid-July, the company disclosed a total ETH holding of 300,657 tokens, with a market value exceeding $1 billion. Lee stated that the company is progressing towards the goal of acquiring and pledging 5% of the total ETH supply. Founders Fund and ARK Invest have invested in and supported the company's asset conversion to ETH reserves. Lee pointed out that compared to the ETF model, Ethereum fiscal companies have five structural advantages, including NAV elevation through issuance, hedging construction costs, M&A leverage, on-chain cash flow, and strategic asset positioning. He emphasized that the rise of stablecoins constitutes a ChatGPT moment in the crypto field, which will drive ETH to become a key infrastructure connecting traditional finance and the crypto ecosystem.
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