Tom Lee: Wall Street Quietly Accumulating Ethereum, Price Target to Reach $15,000

On August 2nd, Lee, the new chairman of BitMine, stated that traditional financial institutions are increasingly investing in cryptocurrency in a steady and quiet manner. He mentioned that ETH, the native asset of the Ethereum blockchain, is benefiting from the "tokenization" driven by Wall Street 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 soar 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.