Fundstrat values Ethereum at up to $15K using Circle style 130x EBITDA multiples tied to tokenization and Layer-1 growth.
Whales accumulated 500K+ ETH in two weeks, indicating institutional confidence ahead of potential network or price moves.
Ethereum powers 60% of tokenized RWAs, with Wall Street adoption boosting its role in future $2T+ stablecoin ecosystems.
Ethereum may be up for a major price jump, according to Fundstrat's Tom Lee, who sees a strong valuation case developing. In a recent interview, Lee said Ethereum could reach between $10,000 and $15,000 depending on how adoption trends take shape.
He cited both institutional momentum and strategic models by Fundstrat’s digital asset team. Fundstrat’s Sean Farrell compared Ethereum market outlook to that of firms like Circle, assigning it a valuation multiple based on EBITDA.
This analysis places Ether’s fair value closer to $15,000, considering its growing Layer-1 ecosystem and expanding real world asset (RWA) activity. Meanwhile, technical strategist Mark Newton projected a short term price target of $4,000 by July’s end, labeling it a stepping stone rather than the peak.
Fundstrat Model Aligns Ethereum With Circle
Tom Lee, who also is Bitmine chairman and CIO at Fundstrat Capital, emphasized Sean Farrell’s internal valuation framework. Farrell, Fundstrat’s Head of Digital Asset Strategy, used Circle’s EBITDA multiples as a benchmark.
He noted that Ethereum usage as a foundational platform for tokenization aligns with businesses that trade at higher financial multiples. Using a 130x EBITDA valuation similar to Circle, Ethereum could logically be priced at $15,000, Farrell estimated.
Lee supported the comparison, stating Layer-1 platforms like Ethereum resemble software firms that merit richer valuations due to ecosystem leverage. This valuation logic, Lee said, helps make sense of the $10,000 to $15,000 target range.
Whale Accumulation Signals Stronger Institutional Confidence
Ethereum fundamentals appear to be aligning with market behavior among large holders. According to analyst Ali Martinez, whales accumulated over 500,000 ETH within a two week period.
While no explicit reasons were cited, similar accumulation phases have historically occurred before key Ethereum network developments or bullish price action. This quiet accumulation, combined with rising valuation models, may hint at institutional strategies building around Ethereum’s long term utility.
Wall Street Use Cases Support Ethereum Real World Growth
Traditional finance is also embracing Ethereum based infrastructure. Earlier this month, Lee told CNBC that Wall Street views Ethereum as its primary blockchain foundation. He cited JPMorgan’s stablecoin program and Robinhood’s tokenization efforts as active examples, both relying on Ethereum.
Lee added that Ethereum currently hosts more than 60% of all tokenized RWAs. As RWA markets grow, particularly stablecoins, which could surpass $2 trillion, Ethereum’s usage may expand accordingly. Treasury Secretary Bessent recently supported that forecast, linking Ethereum network to broader digital asset growth.
Ethereum Bull Case Grows With Valuation
Tom Lee’s outlook integrates valuation modeling, technical projections, and institutional behavior. Fundstrat’s math suggests a possible move toward $15,000 if usage continues rising.
Whale buying adds momentum, while Wall Street initiatives further support Ethereum in financial infrastructure. Together, these trends support the case for higher Ethereum valuations in the coming months.
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