Tom Lee: Ethereum, Not Solana, Is The 'Preferred Choice' For JP Morgan, Robinhood, Circle To Build On

by Murtuza J Merchant Benzinga Staff Writer

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Bitmine Emergent, chaired by Lee, raised capital to buy Ether, underlining his conviction in its future role.
Ethereum’s deep integration with U.S. finance gives it a strategic edge over competitors like Solana, Lee said.
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Ethereum's ETH/USD dominance in the tokenized finance sector isn't slowing down and according to Fundstrat's Tom Lee, it has already become Wall Street's go-to blockchain infrastructure, leaving Solana SOL/USD behind in key institutional use cases.

Speaking to CNBC on Thursday, Lee made it clear that Ethereum’s recent outperformance and adoption by financial giants point to a deeper shift.

"There is really a rediscovery of Ethereum taking place," he said, citing its role in powering stablecoins and tokenized assets that now account for more than 60% of Ethereum's network usage.

Lee emphasized Ethereum's position as a technology platform, not just a digital asset like Bitcoin.

"Ethereum is like the preferred choice for Wall Street. It already is more than 60% of all the tokenized real-world assets, and that share is growing," he explained.

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With entities like JPMorgan JPM and Robinhood HOOD building stablecoin and tokenization infrastructure on Ethereum, the trend appears to be solidifying.

When asked whether Solana could disrupt Ethereum's lead, Lee acknowledged the competition but pointed to adoption patterns. "JP Morgan's stablecoin is built on Ethereum. Robinhood is building their tokenizing business on Ethereum. As a layer one, Ethereum is already entrenched."

He also pointed to macro growth drivers, noting that Treasury Secretary Janet Yellen's projection of stablecoins surpassing $2 trillion in value would massively expand Ethereum's usage footprint.

Lee's remarks come amid broader institutional interest in Ethereum, including from his own company, Bitmine Emergent Technologies BMNR, where he now serves as chairman.

Bitmine has raised significant capital to acquire Ether, betting on its long-term role in the financial system.

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