Ethereum MicroStrategy Tom Lee: ETH Has Bottomed Out, The Last Chance to Buy

Written by: Logan Hitchcock

Translated by: White55, Mars Finance

BitMine Chairman Tom Lee. Image source: André Beganski/Decrypt

Key Highlights:

BitMine Chairman Tom Lee believes Ethereum has bottomed out this year.

The company where Lee is based, the world’s largest Ethereum treasury company, increased its Ethereum holdings by $460 million last week, demonstrating its stance through action.

Lee states that Ethereum still has the potential to perform strongly by the end of the year; and in the next 10 to 15 years, he is more optimistic about Ethereum’s prospects compared to Bitcoin.

Tom Lee believes that after Ethereum, the second-largest cryptocurrency, recently fell below the $3,000 mark, its price has bottomed out.

This Ethereum treasury company’s chairman (also Chief Investment Officer of Fundstrat) said that the company has recently been proving its view by significantly increasing its Ethereum holdings at current prices.

“BitMine believes that Ethereum’s price has already bottomed out,” Lee said in a video interview with Farokh Sarmad, President of Dastan, the parent company of Decrypt. “Compared to two weeks ago, the amount of Ethereum we are buying now has increased more than twofold.”

The Ethereum treasury company recently made a large purchase of the asset — acquiring 138,452 Ethereum last week, worth approximately $460 million.

This is the largest purchase since October, when BitMine increased its holdings by over 200,000 Ethereum, aiming to hold 5% of the circulating supply of Ethereum.

As of Wednesday, BitMine held about 3.864 million Ethereum, accounting for 3.2% of the circulating supply, with a market value of $12.85 billion. Currently, it is the largest Ethereum reserve among publicly listed companies and ranks second among all crypto treasury companies — only behind Strategy, which holds over $61 billion in Bitcoin.

Additionally, BitMine also holds 193 Bitcoin (worth about $18 million) and $10 billion in cash.

Although both Bitcoin and Ethereum prices have retreated from their all-time highs, Ethereum has recently led a rebound: up approximately 8% over the past 7 days, with a current trading price of $3,376; while Bitcoin’s price over the past week has remained relatively flat, recently trading at $92,248.

This executive from BitMine (stock code: BMNR) said he believes both assets could experience significant volatility before the end of the year.

Previously, Lee predicted that Bitcoin could potentially rise to $150,000 by the end of 2025; but due to Bitcoin’s price remaining below $100,000 throughout most of November, he has softened his stance, suggesting that Bitcoin “perhaps” still has a chance to reach that target.

In any case, Lee and BitMine are more optimistic about Ethereum’s development over the next 10 to 15 years — especially given that Wall Street has embraced this Layer-1 blockchain network and recognizes its future role in finance.

“Our optimism about Ethereum comes from the fact that Wall Street is choosing to develop on its blockchain,” Lee said. “This trend started with stablecoins — for Wall Street, this is an important ‘epiphany’… but stablecoins are just tokenized dollars. Now, Wall Street wants to tokenize all assets, and they won’t do this on Bitcoin — because they need a smart contract platform.”

This view aligns with statements from global investment giants Larry Fink and Rob Goldstein — who last week said that tokenization is the “next major evolution of market infrastructure.”

Ethereum is leading this trend: according to RWA.xyz data, the tokenized real-world assets (RWA) on Ethereum amount to $12.1 billion, accounting for nearly 66% of the total distributed assets.