Tom Lee, Chairman of BitMine Immersion Technologies and co-founder of Fundstrat, argues that the market has already seen its local bottom. He revealed that BitMine has been aggressively accumulating Ether (ETH), backing his view with significant capital despite carrying unrealized losses on existing positions.
Wall Street’s Shift Toward Ethereum
Lee’s conviction is rooted in a broader institutional pivot toward Ethereum’s infrastructure. He highlights that Wall Street firms are increasingly selecting the Ethereum blockchain to power financial rails, particularly in the fast-growing market for tokenized real-world assets. Stocks, bonds, real estate, and other traditional instruments are being brought on-chain, and Lee believes Ethereum’s dominance in this segment strengthens its long-term investment case.
Undervalued Metrics Support His Call
Beyond sentiment, Lee points to valuation metrics he sees as mispriced. He notes that the total value of assets locked on-chain continues to grow, even as ETH’s price has lagged. Another indicator he highlights is the ETH/BTC ratio, which currently sits below its eight-year average, an imbalance he views as a sign that Ethereum is trading well under its intrinsic value.
A Multi-Decade Outlook
Although Lee remains bullish on Bitcoin, he expressed even greater enthusiasm for Ethereum’s prospects across the next 10 to 15 years. Smart contract functionality, programmability, and the network’s role in decentralized finance all contribute to what he believes is a far stronger growth runway.
Bold Price Scenarios
Lee has not shied away from ambitious projections. In his framework, Ethereum could reach $12,000 under moderate conditions. In a more aggressive scenario, one in which the ETH/BTC ratio returns to historical highs, he estimates the price could climb as high as $62,000. BitMine’s ongoing accumulation reinforces his position that Ethereum is undervalued at current levels. Even with unrealized losses on the books, Lee frames the company’s strategy as a high-conviction bet on Ethereum’s long-term relevance in global finance.