Tom Lee Says Crypto Faced Same 'Risk Off' Forces Behind AI Sell-Off: BMNR, ASST Add To Crypto Treasuries As MSTR Skips Bitcoin Buys

What happened

Tom Lee said crypto was pulled down by the same risk-off forces behind the AI sell-off, while calling recent crypto pullbacks comparatively shallow. Bitmine added 10,452 Ethereum, bringing its treasury to 6.05 million ETH, and Strive bought Bitcoin, while Strategy skipped Bitcoin buys.

Confirmed

Global impact / market context

Companies holding crypto in their treasuries link their balance sheets to volatile coin prices. Bitmine's added Ethereum and Strive's Bitcoin purchase show continued buying even as Strategy paused, which means investors can compare how each company chooses to spend cash on crypto.

Analyst inference

AI stocks have fallen this month as investors question the borrowed money companies are taking on to build data centers, with Coreweave, Nebius and Iren among the hardest hit. Lee compared Ethereum's rise since July with the semiconductor ETF's decline over the same period.

Analyst inference

What to watch

1. Bitmine now holds 6.05 million ETH after adding 10,452 Ethereum, while Strive bought Bitcoin and Strategy skipped Bitcoin purchases this week, so future treasury updates will show whether that pattern continues. Confirmed
2. Watch whether other crypto treasury companies follow Bitmine and Strive in adding coins, or join Strategy in pausing purchases, since that choice affects how much cash they commit. Proposed
3. If AI-related selling continues, crypto prices may keep moving with technology stocks, which would affect the value of coin holdings on these companies' balance sheets and their reported results. Analyst inference

Affected assets

• ETH — Ethereum
• BTC — Bitcoin

Evidence

• stocktwits.com