Blue Fox Notes ｜ Sweeping 3.86 million Ether without hesitation, where does Tom Lee's confidence come from?

From Tom Lee's multiple interviews, it can be inferred that he has a long-term positive outlook 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 constructing and operating DeFi, stablecoins, NFTs, on-chain markets, RWA, and more. Particularly in terms of RWA, this will be the biggest narrative in the future. Wall Street is moving trillions of dollars in assets (bonds/stocks, etc.) onto Ethereum, with Ethereum serving as the dominant settlement layer, which will create massive demand and drive the value of Ether up. Tokenization is not a short-term speculation, but a structural transformation that will drive Ether's bull market independent of Bitcoin.

2. Institutional Adoption and Ecosystem Maturity.

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

In addition, unlike Bitcoin, Ether has practical utility, such as staking rewards and DeFi, which makes it more suitable for institutions to hold long-term.

3. Non-consensus opportunities.

Tom Lee has always favored “non-consensus” investments (earning 100x on telecom stocks in the 90s when he was young). Currently, many OGs (early players) find cryptocurrencies “boring” and have turned 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 flood in.

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

BitMine (BMNR) is the world's largest Ethereum treasury company, with Tom Lee as the chairman. BitMine currently holds approximately 3.86 million Ether (accounting for about 3.2% of the total supply), aiming for 5%. In December 2025, BitMine continued to buy large amounts of Ether (despite price fluctuations) and has $1 billion in cash reserves + staking income.

(Note: Actually, 3.2% is already a lot, 5% is slightly more.)

Tom Lee's price prediction section (this part should not 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 there is a tokenization explosion).
• He believes that by the end of 2025 or early 2026, Ether will have bottomed out, and while there may be fluctuations in the short term, 2026 will be a “big year” for L1 chains (especially Ether).

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

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