Analyzing BlackRock's latest report on Bitcoin, I come to the conclusion that its findings extend far beyond the first cryptocurrency. In fact, the document titled "Re-Underwriting Bitcoin" unexpectedly reveals arguments in favor of Ethereum (ETH), and this connection was clearly picked up on by Tom Lee, the well-known founder of Fundstrat and CEO of Bitmine Immersion Technologies.
In its research, BlackRock thoroughly examines the Bitcoin correction, which exceeded 50% from the peak values of October 2025. The giant's key thesis is that capital is actively flowing into funds focused on artificial intelligence (AI). However, Tom Lee sees in this not just an asset rotation, but a fundamental shift that plays into Ethereum's hands.
AI, Robotics, and Blockchain: A New Paradigm
Lee argues that AI capabilities are growing exponentially, and we are witnessing a transition from simple algorithms to systems that act collectively and coordinate their steps. It is here, in his view, that Ethereum's potential lies. Blockchain and smart contracts provide people with unprecedented control over the behavior of such autonomous systems. He extrapolates this same logic to robotics, citing examples where robots already surpass humans in sporting competitions.
In his analysis, Lee calls Ethereum the most important base layer (L1)—the network on which other blockchain applications run. He emphasizes: "We see great potential for ETH as a continuation of the AI development story." This is a bold and, in my opinion, forward-looking thesis that overturns the traditional perception of Ethereum solely as a platform for DeFi.
A Critical View: Where Lee's Position Is Vulnerable
However, as a professional analyst, I must note that the BlackRock report itself contains not a single word about Ethereum, robotics, or verifying AI actions through blockchain. The document's authors view AI funds more as competitors for capital rather than as a use case for smart contracts.
Tom Lee, in his conclusions, goes far beyond the report's data. BlackRock explains Bitcoin's pullback by rising leverage and fund flows, not by a weakening of BTC's role as a safe-haven asset. It is also important to consider that Lee is not an impartial observer. His company Bitmine holds about 4.8% of all issued ETH on its balance sheet, making him 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 Bitcoin strategies of major corporations.
As of August 19, 2026, the ETH price is holding around $1908. Whether Lee's idea about the connection between AI, robotics, and blockchain will stand the test of time will depend on the emergence of real examples of verifying autonomous systems through a distributed ledger. For now, this is more of a speculative narrative than a confirmed trend.