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Tom Lee: BlackRock Report Strengthens Ethereum's AI Verification Case

Tom Lee, chairman of Bitmine Immersion Technologies and co-founder of Fundstrat, said BlackRock's recent Bitcoin report reinforces the case for Ethereum as the verification layer for AI. Lee made the argument on X, pointing to research suggesting AI systems are developing a form of collective coordination. The report itself doesn't mention Ethereum.

What Lee argued

Lee said AI capabilities are advancing along a steep S-curve, and that recent research suggests AI systems are developing collective coordination. He argued that blockchains and smart contracts keep humans involved in overseeing AI behavior, and extended the same logic to robotics. He called Ethereum the most important base layer, or L1.

What BlackRock's report actually says

BlackRock's report, "Re-Underwriting Bitcoin," examined Bitcoin's more than 50% decline from its October 2025 high. It attributes that drop to capital rotation into AI-themed equity funds. The report frames AI-linked equity funds as competition for capital, but it doesn't mention Ethereum, robotics, or blockchain verification of AI systems.

The financial angle

Bitmine holds about 4.8% of Ethereum's circulating supply, giving Lee a clear financial incentive to link Ethereum to major crypto narratives. This isn't the first time he's tied Ethereum to the AI trade.

Market context

Ethereum trades near $1,908 as of Aug. 19, 2026, according to CoinGecko data.