The ‘Godfathers’ Behind ETH’s Surge: Tom Lee vs. Joseph Rubin – Who Controls Ethereum’s Narrative Now?
As Ethereum turns 10, ETH has become the biggest star of this market recovery. But here’s the twist: the ‘masterminds’ driving ETH’s price surge have changed – it’s no longer the Ethereum Foundation, but two companies holding massive ETH reserves: BitMine and Sharplink Gaming. Their leaders, Tom Lee and Joseph Rubin, are now the real ‘decision-makers’ shaping ETH’s price trajectory.
Holding More Than Ethereum Foundation! Two Firms Become ETH’s ‘Biggest Hoarders’
According to Strategic ETH Reserve data as of July 29:
– BitMine holds 566,800 ETH, worth $2.14 billion
– Sharplink Gaming holds 368,000 ETH, worth $1.36 billion
Both companies now hold more ETH than the Ethereum Foundation, making them the most ‘cash-rich and coin-heavy’ players in the ETH market. And their ‘leaders’ – Tom Lee and Joseph Rubin – have naturally become the key figures influencing ETH’s price.
Tom Lee: From Wall Street Guru to Crypto ‘Perma-Bull’, BitMine’s ‘Buying Spree’ Mastermind
Tom Lee is no ordinary person. Born into a Korean immigrant family, he graduated from Wharton and was once JPMorgan’s chief equity strategist, with years of experience on Wall Street. In 2014, he left JPMorgan to start his own research firm, Fundstrat, and in 2017, he dived into crypto – becoming a notorious ‘perma-bull’ (even predicting BTC would hit $200k in 2022 during the 2021 slump).
In June 2025, Tom Lee’s career took a big turn: he joined NYSE-listed BitMine as chairman and pushed the company to launch an ‘ETH treasury strategy’. BitMine raised $250 million, with big names like PayPal co-founder Peter Thiel and ‘Crypto Queen’ Cathie Wood’s Ark Investment joining in. Then BitMine went on a buying spree – in just one month, it amassed 566,800 ETH, overtaking the Ethereum Foundation and Sharplink Gaming to become the top ETH holder.
Now, Tom Lee is bullish as ever: ‘Based on Circle’s valuation, ETH hitting $15,000 is totally reasonable!’ he said in a recent interview.
Joseph Rubin: Ethereum Co-Founder, Sharplink Gaming’s ‘Ecosystem Backbone’
Joseph Rubin has deeper crypto roots. He’s one of Ethereum’s eight co-founders, joining the team back when Vitalik released the whitepaper in 2013. Later, he founded Consensys – the company behind popular tools like MetaMask wallet and Layer2 network Linea!
In May 2025, Joseph Rubin led Sharplink Gaming in a $425 million private placement to launch its ETH treasury plan. Leveraging his influence in the Ethereum ecosystem, the company quickly accumulated ETH, once leading in holdings and now a strong competitor to BitMine.
Ethereum’s 10th Birthday: The Narrative Power is Shifting
For the past decade, Ethereum’s narrative was controlled by the Ethereum Foundation (led by Vitalik). Now, as traditional finance capital pours into ‘ETH treasuries’, new players like BitMine and Sharplink Gaming are hoarding more ETH – and with it, the narrative power.
Some worry these ‘coin-hoarding giants’ could centralize Ethereum, but here’s the upside: when ETH was slumping due to stagnant narratives and competition, BitMine and Sharplink Gaming’s ‘public buy orders’ turned the tide and boosted community confidence. For today’s Ethereum, keeping community trust matters most – and if that means a narrative shift like this, maybe it’s not such a bad thing?
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This content is AI-generated and does not constitute investment advice. Please exercise your own rational judgment.
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