Lark Davis: Tom Lee F*cked Up Bad… Or Did He?


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Source: Youtube Lark Davis

Type: Video

Published: June 21, 2026 at 11:57 AM (about 3 hours ago)

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Tom Lee called ETH "grossly undervalued" at $3,000. It crashed 50%. His fund BitMine is now sitting on $8.86 billion in unrealized losses, and everyone's calling him an idiot.

But while social media mocks him, BitMine just bought another $206 million in ETH and filed for preferred stock paying 9.5% — funded by $1 million a day in staking rewards.

There's a valuation framework explaining why he's not panicking, and it has nothing to do with fees or hype. It treats Ethereum as a vault — and ETH as the lock. Here's the math, and why fair value might be triple today's price.

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