Tom Lee, the 'Wall Street guru', is firmly betting on Ethereum. Lee, a renowned analyst in the traditional financial industry and founder of Fundstrat, was recently appointed as the chairman of the board of directors of mining company Bitmine and promoted a $250 million Ethereum treasury strategy. The market response was enthusiastic, and Bitmine's stock price skyrocketed by over a thousand percent at one point. This treasury strategy is regarded as the "Ethereum version of MicroStrategy model" and is invested by mainstream institutions such as Founders Fund, Galaxy Digital, Kraken, etc. Tom Lee stated in his latest interview that he remains optimistic about Ethereum because stablecoins will drive exponential growth in its transaction costs. He believes that with the rise of stablecoin companies such as Circle and the attention of large institutions to stablecoins, Ethereum as the underlying network will benefit the most. The current market value of stablecoins is about 250 billion US dollars, accounting for 30% of the transaction fees on the Ethereum chain. In the future, the market size is expected to increase to 2 trillion US dollars, significantly increasing the revenue of the Ethereum network. Lee also pointed out that compared to directly buying coins, the treasury strategy has five major advantages: One is that issuing stocks at a premium in the secondary market can reverse the increase in Ethereum assets per share, achieving "reflective growth"; Secondly, low-cost capital can be utilized to hedge volatility and leverage the effect; Thirdly, the gap between market value and net assets can bring opportunities for merger and acquisition arbitrage; Fourthly, DeFi finance can be developed in conjunction with Ethereum staking business; The fifth possibility is the formation of a "sovereign put option" effect, which brings a scarcity premium to the holder. As one of the first analysts on Wall Street to provide Bitcoin research reports, Lee has been consistently bullish on the cryptocurrency market since 2014. He emphasized that Ethereum is a key platform for Wall Street to achieve its vision of "stock tokenization". Now, with the comprehensive involvement of institutional perspectives, Ethereum may usher in a new round of strategic level value reassessment.