Tom Lee, co-founder of Fundstrat and president of Bitmine, remains bullish on Ethereum despite the bearish sentiment. While some analysts claim that Ethereum’s bull run may be over, Lee sees the token poised for one of the most bullish setups in cryptocurrency history.
Ethereum could reach $10,000 by the end of 2025, with long-term push up to $60,000 per ETH. Three major catalysts that could drive Ethereum’s value higher, many of which remain largely invisible to retail investors.
Bitmine’s ETH Treasury Strategy
The company recently acquired 3.34 million ETH, representing 2.7% of all circulating Ether. On October 21, Bitmine purchased an additional 63,500 ETH, worth roughly $184 million, taking advantage of current market dips.
Bitmine’s strategy, announced in June 2025, demonstrates institutional confidence in Ethereum. The company wants to hold a portion of its assets in ETH, positioning it as a big player in the token’s long-term growth.
Tom Lee’s Track Record and Predictions
Lee has a history of accurate market forecasts. In 2018, he predicted Bitcoin would reach $125,000 by 2022. At the Token 2049 conference in Singapore, he projected Ethereum could surpass Bitcoin, positioning ETH as the primary platform for decentralized finance and real-world asset tokenization.
He also expects Bitcoin to reach $200,000 to $250,000 by year-end 2025. For Ethereum, Lee expects strong upside, with potential $10,000 to $12,000 by December 2025, and sees $60,000 as a long-term target.
Real-World Assets Driving Growth
A central pillar of Lee’s Ethereum thesis is the tokenization of real-world assets (RWAs). By moving assets such as real estate, stocks, and bonds onto the Ethereum blockchain, the network could unlock trillions of dollars in value.
In the first half of 2025, the RWA market on Ethereum surged from $8.6 billion to $25 billion. This market could reach $10 trillion to $30 trillion by 2030. Fractionalized tokenization could increase transaction volume and revenue, further strengthening Ethereum’s value proposition.
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