Tom Lee Backs Lighter as Ethereum Infrastructure, Strengthening BitMine’s ETH Strategy. Source: Image by WorldSpectrum from Pixabay
Tom Lee, chairman of BitMine Immersion Technologies and co-founder of Fundstrat, has publicly endorsed Ethereum layer-2 platform Lighter, calling it a “massive breakout success” and a critical piece of Ethereum’s infrastructure. The statement is notable because BitMine, which describes itself as the world’s largest Ethereum treasury company, currently holds 5.79 million ETH, with nearly 4.92 million ETH staked, reflecting the firm's long-term confidence in the Ethereum ecosystem.
Lee’s endorsement marks a shift from his previous stance. In a July investor update, he identified Robinhood, Coinbase, and Kraken’s Ink as the leading Ethereum layer-2 platforms but did not mention Lighter. His latest comments suggest the decentralized exchange has emerged as an important addition to Ethereum’s growing network of institutional-grade infrastructure.
Lighter is an Ethereum-based layer-2 perpetual decentralized exchange (DEX) that enables users to trade leveraged crypto assets while maintaining control of their funds. The platform relies on zero-knowledge proofs, allowing transactions and liquidations to be verified transparently without compromising efficiency or security.
The exchange has experienced significant activity, processing approximately $43 billion in trading volume over the past 30 days. It also reports $822 million in open interest and $525 million in user deposits, highlighting increasing adoption despite a competitive decentralized finance (DeFi) landscape.
Founded by Vlad Novakovski, who graduated from Harvard at 18 and later worked at Citadel and Addepar, Lighter initially launched as the networking platform Lunch Club before pivoting to crypto in 2022. The company later secured $68 million in funding from investors including Founders Fund, Ribbit Capital, and Robinhood Ventures.
Lighter’s native token, LIT, trades around $2.19, up 4.7% over the past day and 23.7% during the past month, giving it a market capitalization of roughly $547 million. However, quarterly revenue has declined from $39.7 million to $19.7 million, then to $9.6 million, while the token remains well below its all-time high of $7.86 recorded in December.
Lee’s comments appear to go beyond a simple market endorsement. Given BitMine’s stated ambition to invest in leading crypto startups, his support for Lighter could signal broader institutional interest in Ethereum’s expanding layer-2 ecosystem.