BlackRock's high-profile report titled "Re-Underwriting Bitcoin," which focuses on the collapse of the first cryptocurrency by more than 50% from its October 2025 highs, has sparked an unexpected discussion. While the document's authors focus on the flow of capital into AI funds, renowned entrepreneur and Fundstrat co-founder Tom Lee saw a hidden bullish signal for Ethereum (ETH) in this report. In his view, the development of artificial intelligence and robotics will inevitably lead to the growing importance of blockchain as an infrastructure layer.
The entrepreneur's argument
Lee points to the rapid, exponential growth in the capabilities of AI systems. According to his analysis, we are moving toward a moment when autonomous agents will begin to act collectively, coordinating their steps with one another. It is precisely here, in his logic, that Ethereum's key role lies. Blockchain and smart contracts provide the only reliable mechanism for verifying and controlling the actions of such decentralized systems. He extrapolates this same logic to robotics, citing a video where robots already surpass humans in sports disciplines.
"We see great potential for ETH as a continuation of the AI development story," Lee stated, emphasizing that Ethereum is the most important base layer (L1) on which other blockchain applications operate.
Where Lee's position shows weakness
However, upon closer examination, the connection between the BlackRock report and Lee's conclusions appears strained. The document itself contains not a single mention of Ethereum, robotics, or verifying AI actions through blockchain. BlackRock's authors view AI funds exclusively as competitors for capital, not as a potential application area for smart contracts. They explain Bitcoin's pullback by rising leverage and the redistribution of funds between funds, but not by BTC losing its status as a safe-haven asset.
It is important to note that Lee has long associated Ethereum with the AI theme. His company Bitmine Immersion Technologies holds about 4.8% of all issued ETH on its balance sheet, making it one of the largest institutional holders of this asset. Such a position directly motivates him to link Ethereum to the market's main themes, including the Bitcoin strategy of large corporations. As of August 19, 2026, the ETH price holds around $1908.
Whether Lee's idea about the connection between AI, robotics, and blockchain will hold up depends on whether real-world examples of verifying autonomous systems through a distributed ledger emerge in practice.
Expert opinion: Tom Lee's interpretation is a classic example of a narrative outpacing reality. So far, the market does not see specific use cases for Ethereum in AI verification that could provide fundamental price growth. However, if such integrations begin to be implemented, this could become a powerful long-term driver for ETH, which is currently trading near its local lows.