Tom Lee Ties Ethereum to AI's Verification Layer

Tom Lee, chairman of Bitmine Immersion Technologies and co-founder of Fundstrat, has linked Ethereum to artificial intelligence's (AI) verification layer. He made this argument in a recent post on X, citing BlackRock's new report on Bitcoin as evidence.

The report, called Re-Underwriting Bitcoin, examined the cryptocurrency's over 50% decline from its October 2025 high. It found that capital had rotated into AI-themed equity funds instead of staying in Bitcoin. Lee argued that this rotation is due to AI capabilities advancing rapidly along a steep S-curve.

He pointed to recent research suggesting AI systems are developing collective coordination and blockchains, which include smart contracts, keep humans involved in overseeing that behavior. He also referenced a video of a robot outperforming human athletes as an example of robotics' advancement.

Lee called Ethereum the most important base layer, or L1, saying it is essential for AI's verification process. However, BlackRock's report never mentions Ethereum, robotics, or blockchain verification of AI systems. It simply frames AI-linked equity funds as competition for capital, not a use case for smart contracts.