Fundstrat co-founder and BitMine Chairman Tom Lee has doubled down on bullish targets for the two largest cryptocurrencies: Bitcoin and Ethereum.
Speaking at Korea Blockchain Week 2025, Lee predicted Bitcoin could climb to between $200,000 and $250,000 by the end of this year.
For Ethereum, he projected prices between $10,000 and $12,000. He noted that the rally could extend to $15,000 as the market enters what he described as “real price discovery.”
Lee argued that both assets are on the cusp of a new growth phase, with Ethereum in particular set to enter a “super cycle” lasting 10 to 15 years.
Why Lee Is Bullish on Bitcoin
Lee pointed to historical patterns showing that Bitcoin often performs well in the fourth quarter. He added that the Federal Reserve’s recent pivot from a hawkish stance to a more dovish position is creating a supportive environment for risk assets.
On Ethereum, Lee argued that its appeal lies in its neutrality and scalability for future applications. He described it as the blockchain most trusted by both Wall Street and policymakers in Washington.
Lee tied Ethereum’s importance to the rise of artificial intelligence and robotics, predicting that a future token-driven economy for machines will likely be built on Ethereum. He also pointed to recent remarks by President Trump about the need for “proof-of-human” systems. According to him, such developments will further solidify Ethereum’s role.
BitMine’s Treasury Bet on Ethereum
Lee’s optimism is also reflected in BitMine’s business model. Earlier this year, the company transformed itself into an Ethereum-focused treasury firm. Since then, its market capitalization has jumped from $37.6 million in June to nearly $9.5 billion in September.
Today, BitMine Immersion Technologies holds 2.41 million ETH worth over $10 billion, securing its position as the largest Ethereum treasury globally. This also makes it the second-largest overall crypto treasury, behind Strategy.
According to Lee, both firms have effectively become large-cap crypto stocks. Their size and liquidity could soon lead to inclusion in major equity indices, a move that would bring steady passive investment flows and help sustain their valuations.
Diverging Views From Critics
Despite Lee’s bullish stance, not all industry voices share his enthusiasm. In a post on X, Andrew Kang, co-founder of Mechanism Capital, offered a sharp critique of Lee’s Ethereum thesis.
Kang argued that the adoption of stablecoins and real-world assets has not led to an increase in Ethereum’s network fees. He noted that much of the new activity in decentralized finance is moving to Solana and Arbitrum, both of which offer faster and cheaper transactions.
He also dismissed the comparison of Ethereum to “digital oil,” saying the analogy overstates ETH’s role. According to Kang, institutional buyers are not rushing into Ethereum, and technical signals suggest the token may remain range-bound rather than entering a super cycle.
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