Ethereum has returned to the centre of bullish crypto debate after Fundstrat co-founder Tom Lee projected a potential long-term price of US$250,000 for the world’s second-largest cryptocurrency, citing accelerating institutional adoption, supply constraints and the growing role of ETH as financial infrastructure.
Lee’s comments come as BitMine, a digital asset firm focused on crypto mining and treasury accumulation, disclosed that it now holds approximately 4.14 million ETH, a position valued at roughly US$13 billion at current market prices, according to figures referenced in recent market reports. The scale of the holding has drawn attention across the crypto industry, positioning BitMine among the largest known corporate holders of Ethereum.
Lee argued that Ethereum’s valuation case is increasingly driven by fundamentals rather than speculation. He pointed to Ethereum’s dominance in decentralised finance, stablecoin settlement, tokenised real-world assets and smart contract activity as key pillars supporting higher long-term prices. Unlike Bitcoin, which is often framed as digital gold, Lee described Ethereum as a “financial operating system” whose utility expands as blockchain-based finance matures.
Chairperson of Bitmine Immersion Technologies Inc
Institutional demand has been a major theme in Ethereum’s 2025 and early 2026 performance. The approval and rollout of spot Ethereum exchange-traded funds in several jurisdictions have opened the asset to pension funds, asset managers and corporate treasuries that were previously restricted from direct crypto exposure. Analysts say this has tightened liquid supply, particularly as more ETH is locked in staking contracts following Ethereum’s transition to proof-of-stake.
BitMine’s growing stash is being interpreted by some market participants as a strategic bet on Ethereum’s future role in global finance. Large-scale accumulation by corporate entities reduces circulating supply and can amplify price movements during periods of rising demand. While BitMine has not publicly outlined its full strategy, analysts suggest the firm may be positioning ETH as a long-term treasury asset rather than a short-term trading position.
Lee’s US$250,000 price projection is firmly a long-term outlook rather than a near-term forecast. He has previously compared Ethereum’s potential market value to that of global financial infrastructure companies, arguing that if Ethereum captures a meaningful share of settlement, lending and asset issuance activity, its network value could rise dramatically over the next decade.
Sceptics, however, caution that such targets depend on favourable regulation, sustained developer activity and Ethereum maintaining its competitive edge against rival blockchains such as Solana, Avalanche and emerging layer-2 networks. Network congestion, transaction fees and regulatory scrutiny remain ongoing risks.
Despite these concerns, Ethereum has continued to attract developer interest and institutional capital. Data from blockchain analytics firms show steady growth in on-chain activity linked to tokenised funds, corporate stablecoins and cross-border settlement projects. These use cases have strengthened the narrative that Ethereum is evolving beyond a speculative asset into core financial infrastructure.
Market analysts stress that projections like Lee’s should not be interpreted as guarantees. Crypto markets remain highly volatile, and sharp corrections are common even during long-term uptrends. Still, the combination of institutional accumulation, declining liquid supply and expanding real-world use cases has reinforced bullish sentiment among Ethereum proponents.
As BitMine deepens its exposure and high-profile investors such as Tom Lee continue to champion Ethereum’s long-term value, the asset’s trajectory is increasingly being framed around fundamentals rather than hype, setting the stage for a new phase in its market narrative.
BitMine buys US$300 million in ether, treasury surpasses 4 million ETH
