With the upward trend in the crypto market, “Digital Asset Treasuries” (DAT) have become a new phenomenon. These companies, which aggregate crypto assets ranging from Bitcoin to Dogecoin, indirectly offer their digital currencies to investors through publicly traded stocks. However, the rapid growth of the sector has some experts worried. Critics warn that DATs could be the next “bubble crash” in the crypto world. Speaking on Fortune's Crypto Playbook, BitMine President and longtime crypto analyst Tom Lee said that this bubble “may have already burst.” Lee first encountered Bitcoin in 2012 while serving as chief strategist at JPMorgan. He later became a prominent advocate for Bitcoin through his founding firm Fundstrat, even as Wall Street remained wary of cryptocurrencies. In June, he joined a publicly traded Bitcoin mining company called BitMine and began leading the firm's rebranding as “Ethereum's largest institutional investor.” Inspired by a strategy launched by MicroStrategy CEO Michael Saylor in 2020, Lee aims to make BitMine the “MicroStrategy of Ethereum.” MicroStrategy offered investors access to cryptocurrency by accumulating Bitcoin even before direct ETFs were approved. BitMine currently has a market capitalization of over $15 billion and the company holds over three million Ethereum, equivalent to approximately 2.5% of the total supply. Lee's goal is to increase this figure to 5%. According to the experienced analyst, Ethereum remains the “blockchain of Wall Street,” as financial institutions still largely choose Ethereum for their stablecoin and tokenized asset projects. However, Lee noted that the overall picture for digital asset holdings is bleak. He argued that many DATs are currently trading below their net asset value (NAV), adding, “If this isn't a bubble burst, what is?” *This is not investment advice.