Fundstrat Global Advisors co-founder and Bitmine Immersion Technologies chairman Tom Lee has outlined a case for Ethereum as a foundational network for artificial intelligence and robotics applications. He described the blockchain as a critical verification and settlement layer that can maintain human oversight as AI systems advance rapidly.

Lee pointed to BlackRock's recent report examining Bitcoin's decline of more than 50 percent from its October 2025 peak. The document noted a shift of capital toward AI-themed equity funds. In response, Lee argued that accelerating AI capabilities, following a steep S-curve, and the rise of robotics make blockchain infrastructure more relevant for controlling machine behavior.

Ethereum as Verification and Settlement Infrastructure

According to Lee, AI systems are developing forms of collective coordination. He referenced research indicating substantial overlap in reasoning pathways across major models. Smart contracts on blockchain networks, he said, provide a transparent mechanism for governing what these systems do and ensuring humans remain involved in oversight.

Lee extended the argument to robotics, citing examples of machines outperforming human athletes. In this environment, he positioned Ethereum as the most important base layer, or L1, for related applications. He stated that Ethereum represents an important downstream story for AI developments.

Lee has previously linked Ethereum's prospects to the growth of agentic AI systems that can transact autonomously. He has argued that traditional financial rails, designed around human processes such as trust verification and multi-day settlements, are less suited to machine-to-machine activity requiring instant, programmable payments and provenance checks for instructions.

Technical Setup and ETH/BTC Ratio

Separately, Lee commented on Ethereum's near-term technical picture. The asset was trading near $1,906, about 3.5 percent below the upper boundary of its daily Ichimoku cloud near $1,970. A daily close above that level would mark the first such bullish trend signal since October 9, 2025.

Lee responded to analysis of the setup by noting that such a breakout would be good to see.

He also addressed the ETH/BTC ratio, which stood at approximately 0.02994 and had risen above its long-term downtrend for the first time in years. Lee attributed the shift to markets beginning to account for tokenization of assets and agentic AI applications operating on Ethereum.

He placed the current period in historical context by referencing earlier ratio expansions tied to initial coin offerings in 2017-2018, non-fungible tokens in 2020-2021, and stablecoins in 2025. The next phase, driven by Wall Street tokenization of assets on-chain and AI agents using blockchain rails, he described as larger than those prior cycles combined.

Broader AI Market Context

In related comments, Lee compared the current AI infrastructure buildout to the construction of the transcontinental railroad. He noted that U.S. spending on AI is roughly 2.5 percent of GDP, comparable to the share devoted to railroad development between 1850 and 1870.

He addressed concerns about off-balance-sheet financing by major technology companies, describing the commitments as future spending that does not appear on balance sheets until construction starts. Lee also suggested that productivity gains from AI need not lead to widespread unemployment, drawing parallels to historical shifts in which displaced workers moved into higher-paying roles in emerging industries.

Lee added that the bond market's measured reaction to the $40 trillion national debt indicates room for equity markets to advance provided the 10-year yield remains contained.

Bitmine Immersion Technologies, which Lee chairs, is among the largest corporate holders of Ethereum. Lee has consistently tied the network's longer-term value to its potential role in tokenized finance and machine economies.