Once seen as a Bitcoin loyalist, Lee has recently drawn the spotlight for championing Ethereum through his new role at BitMine Technologies. The pivot has led to plenty of friction with Bitcoin purists — but Lee insists there’s no feud, especially with one of the sector’s most high-profile figures, Michael Saylor.

Earlier this week, Lee shared a photo of himself alongside the MicroStrategy founder, captioned with the reassurance that “Bitcoin and Ethereum are friends.” The post was read as an attempt to cool speculation that his Ethereum advocacy had created a rivalry with one of Bitcoin’s staunchest defenders.

Building an Ethereum Treasury Giant

Since stepping in as BitMine’s chairman in June, Lee has overseen a dramatic expansion of the firm’s Ethereum holdings. The company, which specializes in immersive cooling technologies for large-scale mining and data infrastructure, now controls about $9.3 billion worth of ETH. A fresh $200 million purchase helped push it to that level, putting BitMine ahead of Joseph Lubin’s SharpLink, which sits at roughly $3 billion.

Despite BitMine’s rapid growth, Saylor’s Strategy still dominates the Ethereum treasury space, with assets on par with BitMine’s scale and far beyond most other corporate holders.

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Predictions Stirring Debate

Lee hasn’t shied away from bold forecasts. He has argued that Ethereum could eventually overtake Bitcoin in market capitalization, positioning ETH as the stronger “macro trade” for the next decade. At the same time, he has kept his bullish stance on Bitcoin itself, suggesting the price could rise to $200,000.

His dual positioning has been divisive. Supporters see it as a pragmatic approach, while critics accuse him of undermining Bitcoin’s brand. Some have even taken issue with BitMine’s use of Bitcoin-related imagery in fundraising campaigns, calling it misleading.

For Lee, however, the bigger picture is clear: both assets have distinct roles to play, and institutional treasuries will likely need exposure to each. His friendly gesture with Saylor was a reminder that in his view, Bitcoin and Ethereum are not enemies but complementary pillars of the digital asset economy.

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