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Bitcoin Maximalists Criticize Fundstrat's Tom Lee for Using Bitcoin Logo to Raise Funds for Ethereum
ByAinvest
Tuesday, Aug 12, 2025 4:37 pm ET1min read
Bitcoin maximalists have criticized Tom Lee, chairman of BitMine Immersion Technologies, for using a Bitcoin logo to raise funds for purchasing Ethereum. The company, which previously focused on Bitcoin mining, has pivoted to an aggressive Ethereum treasury strategy and has attracted significant investment. Lee, a former permabull on Bitcoin, is now aiming to become Ethereum's Michael Saylor.
Bitcoin maximalists have raised concerns over Tom Lee's use of a Bitcoin logo to raise funds for Ethereum purchases, as the former Bitcoin bull pivots towards an aggressive Ethereum treasury strategy. Lee, now the chairman of BitMine Immersion Technologies, has drawn criticism from Bitcoin advocates for this approach.BitMine, previously focused on Bitcoin mining, has shifted its strategy to accumulate Ethereum (ETH) and stake tokens for yield. The company has attracted significant investment, with prominent players like Peter Thiel's Founders Fund and Cathie Wood's Ark Invest backing its move. BitMine aims to acquire 5% of the total ETH supply, currently holding around $5 billion in ETH [1].
Tom Lee's new strategy has been compared to Michael Saylor's Bitcoin treasury strategy, with Lee aiming to become Ethereum's equivalent. The company has announced plans to raise up to $20 billion more to fund future ETH purchases, doubling down on its stock sale program [2]. However, some Bitcoin maximalists, like grubles (@notgrubles), have criticized Lee for using a Bitcoin logo to raise funds for ETH, questioning the authenticity of the move [3].
The criticism highlights a deeper philosophical divide between Bitcoin maximalists, who advocate for decentralized self-sovereignty, and Ethereum supporters, who see the cryptocurrency's programmability and regulatory alignment as key advantages. While Ethereum's supporters view the growing institutional interest as a positive development, Bitcoin maximalists argue that it compromises the ethos of decentralization [1].
BitMine's aggressive approach has drawn attention, with the company's stock becoming one of the most traded among U.S.-listed companies. However, the strategy has also faced criticism, with some analysts questioning the wisdom of using a Bitcoin logo to raise funds for ETH purchases [3]. Despite the criticism, BitMine's share price has surged, reflecting investor confidence in Lee's new strategy [2].
References:
[1] https://www.mitrade.com/insights/news/live-news/article-3-1025124-20250808
[2] https://finance.yahoo.com/news/tom-lees-bitmine-immersion-aims-124548123.html
[3] https://u.today/bitcoiners-slam-eth-uberbull-tom-lee-for-fundraising-with-btc-logo
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