His company is actively buying in.

Written by: Logan Hitchcock

Translated by: Saoirse, Foresight News

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

Key Points:

• Tom Lee, Chairman of BitMine, believes that Ethereum has bottomed out this year.

• The company Lee is part of, the world's largest Ethereum treasury company, increased its holdings of Ethereum worth $460 million last week to "put its views into action."

• Lee stated that Ethereum is expected to perform strongly before the end of the year; over the next 10 to 15 years, he is more optimistic about Ethereum's development prospects compared to Bitcoin.

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

The Chairman of BitMine Immersion Technologies (who also serves as Chief Investment Officer of Fundstrat) stated that this Ethereum treasury company is recently proving its viewpoint by significantly increasing its Ethereum holdings at the current price level.

"BitMine believes that the price of Ethereum has 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 more than doubled."

This Ethereum treasury company has recently significantly increased its holdings of the asset — purchasing 138,452 Ethereum last week, worth approximately $460 million.

This is the largest purchase by BitMine since it increased its holdings by over 200,000 Ethereum in October, with the company's goal being to hold 5% of Ethereum's circulating supply.

As of Wednesday, BitMine holds approximately 3.864 million Ethereum, accounting for 3.2% of Ethereum's circulating supply, with a market value of $12.85 billion. Currently, the company is the largest Ethereum reserve holder among publicly traded companies and ranks second among all cryptocurrency treasury companies — only behind Strategy, which holds over $61 billion in Bitcoin.

Additionally, BitMine holds 193 Bitcoin (valued at approximately $18 million) and $1 billion in cash.

Although the prices of Bitcoin and Ethereum have both fallen from historical highs, Ethereum has recently led the rebound: it has increased by about 8% over the past 7 days, with a current trading price of $3,376; meanwhile, Bitcoin's price has remained relatively stable over the past week, with a recent trading price of $92,248.

This BitMine executive (with BitMine's stock code being BMNR) stated that he believes both assets could experience significant volatility before the end of the year.

Previously, Lee had predicted that Bitcoin could rise to as high as $150,000 by the end of 2025; however, due to Bitcoin's price remaining below $100,000 in the last week of November, his stance has softened, stating that Bitcoin "might" still reach that target.

Regardless, Lee and BitMine are more optimistic about Ethereum's development over the next 10 to 15 years — especially in the context of Wall Street's acceptance of this Layer-1 blockchain network and its recognition of its future position in the financial sector.

"The reason we are optimistic about Ethereum is that Wall Street is choosing to use its blockchain for future development," Lee stated. "This trend started with stablecoins — for Wall Street, this is an important 'aha moment'… but stablecoins are just tokenizing the dollar. Now, Wall Street wants to tokenize all assets, and they won't achieve this goal with Bitcoin — because they need a smart contract platform."

This viewpoint aligns with the statements of global investment giants BlackRock executives Larry Fink and Rob Goldstei — who stated last week that tokenization is "the next major evolution of market infrastructure."

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

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