Blue Fox Notes ｜ Recklessly sweeping up 3.86 million Ether, where does Tom Lee's confidence come from?

From Tom Lee's multiple interviews, it can be seen that he has a long-term optimistic view on the core logic of Ethereum:

1. Ethereum is the core settlement layer of the future financial infrastructure.

Ether is not only a digital currency but also the infrastructure for building and operating DeFi, stablecoins, NFTs, on-chain markets, RWA, and more. Particularly in the area of RWA, this will be the largest narrative in the future. Wall Street is bringing trillion-dollar assets (bonds/stocks, etc.) on-chain to Ethereum, with Ethereum serving as the dominant settlement layer, which will create significant demand and drive up the value of Ether. Tokenization is not a short-term speculation but a structural shift that will drive Ether's bull market independent of Bitcoin.

2. Institutional Adoption and Ecosystem Maturity.

Currently, there are about 4 million Bitcoin wallets worldwide that hold over $10,000 in assets, while there are nearly 900 million stock/retirement accounts globally holding a similar amount, a gap of over 200 times. In comparison, cryptocurrency adoption is still in its early stages; the developer community of Ethereum is the strongest; and the Ethereum network operates the most robustly.

In addition, unlike Bitcoin, Ether has practical use cases, such as staking rewards and DeFi, which makes it more suitable for long-term holding by institutions.

3. Non-consensus opportunities.

Tom Lee has always favored “non-consensus” investments (he made 100x on telecom stocks in the 90s when he was young). Currently, many OGs (early players) find cryptocurrencies “boring” and are shifting to AI or stocks, but this is precisely because they have matured, while the industry is still in its infancy — a new wave of investors is about to pour in.

4. It's not just talk; it's about talking and acting.

BitMine (BMNR) is the largest Ether treasury company in the world, with Tom Lee as the chairman. BitMine currently holds approximately 3.86 million Ether (accounting for about 3.2% of the total supply), with a target of reaching 5%. In December 2025, BitMine continues to buy large amounts of Ether (even with price fluctuations) and has $1 billion in cash reserves + staking yields.

(Note: Actually, 3.2% is already a lot, 5% is a bit much)

Tom Lee's price prediction section (this part doesn't need to be taken too seriously, after all, price predictions are a matter for God)

• The most “crazy” long-term goal: if the ETH/BTC ratio returns to 0.25, Ether could reach $62,000 (extreme scenario, based on a super cycle).
• More realistic target for 2026: $7,000–$9,000 (2026), or even $20,000 (provided tokenization takes off).
• He believes that by the end of 2025 or the beginning of 2026, Ether will have bottomed out, with short-term fluctuations possible, but 2026 will be a “big year” for L1 chains (especially Ether).

_ (The above content is excerpted and reprinted with the authorization of our partner, Blue Fox Notes) _

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Disclaimer: This article is intended to provide market information. All content and opinions are for reference only and do not constitute investment advice, nor do they represent the views and positions of the blockchain community. Investors should make their own decisions and trades, and the author and the blockchain community will not bear any responsibility for any direct or indirect losses incurred by investors' trading.
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