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Tom Lee: Wall Street Quietly Accumulating Ethereum, Price Target to Reach $15,000
BlockBeats News, August 2nd, BitMine's new Chairman Lee stated that traditional financial institutions are increasingly buying into cryptocurrency—steadily and quietly. He mentioned that the native asset of the Ethereum blockchain, ETH, is benefiting from Wall Street-driven "tokenization" due to its advantages in legal clarity and technical reliability. "Ethereum has never experienced downtime. This is important for banks," he said.
BitMine currently holds 625,000 ETH, with total assets close to 2.8 billion US dollars and almost no debt. Lee also confirmed a $1 billion stock buyback plan and reiterated the company's goal of "accumulating 5% of the total Ethereum supply."
Regarding Bitcoin, the current price is $113,576.36, and it is also becoming a target for institutional investors' regular purchases. Lee believes that if there is a shift in the Federal Reserve's monetary policy—especially with interest rate cuts in the coming months—Bitcoin could skyrocket to $250,000. Lee stated that based on the fundamental valuation of the Ethereum network, he believes the fair price for ETH is $15,000, while the current price is $3,700. He insisted that the real story is institutional adoption, which is severely undervalued.
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