Renowned Wall Street analyst Tom Lee recently stated in an interview with CoinDesk that Ethereum is Wall Street's top choice for blockchain. With the accelerated growth of tokenization and stablecoins, ETH's price could reach $15,000. Tom Lee's Bitcoin mining company BitMine has transformed into an Ethereum reserve company, making a significant purchase of over 300,000 ETH in just a few weeks, becoming the world's largest ETH holder.
Compared to Circle's valuation, ETH is expected to reach $15,000
Renowned Wall Street analyst and co-founder of Fundstrat, Tom Lee, referenced a model developed by Fundstrat's Head of Digital Asset Strategy, Sean Farrell, during the interview, which compared companies like Circle. Farrell estimated that using an EBITDA-based valuation multiple, Ethereum's value could be as high as $15,000. Lee supports this logic and points out that Layer 1 platforms like Ethereum drive the entire ecosystem, typically requiring higher valuation multiples, just as software companies command higher pricing than consumer goods companies.
Tom Lee also referenced the technical analysis by Fundstrat's Chief Technical Strategist Mark Newton, believing that Ethereum could potentially reach $4,000 by the end of July. Lee stated that $4,000 is just a preliminary target, and based on current adoption and valuation trends, a price range of $10,000 to $15,000 for Ethereum is realistic. Although he did not provide a specific timeline, he pointed out that this target could be achieved by the end of the year, or even sooner.
At the beginning of the month, Tom Lee stated in an interview with CNBC that Ethereum is 'Wall Street's top choice' for blockchain infrastructure. He pointed out that JPMorgan's stablecoin and Robinhood's tokenization plans are based on Ethereum, indicating that traditional finance is aligning with the Ethereum network. With Ethereum holding over 60% of tokenized real-world assets (RWA), he expects this number to continue growing. If the market value of stablecoins breaks the $2 trillion mark as predicted by Treasury Secretary Yellen, he stated that Ethereum's usage could grow exponentially.
Tom Lee leads Bitcoin miner BitMine in transforming into an Ethereum reserve company
At the beginning of July, Tom Lee took over as Chairman of the Board of Bitcoin miner BitMine Immersion Technologies and pushed for the company's transformation into an Ethereum reserve company, with investors including notable cryptocurrency institutions such as Founders Fund, Pantera, FalconX, Kraken, Galaxy Digital, DCG, and GSR. Silicon Valley investment mogul Peter Thiel also acquired a 9.1% stake in BitMine in his personal capacity, attracting significant attention from investors.
Tom Lee described BitMine as the 'MicroStrategy of the Ethereum world', mirroring the successful model of Bitcoin reserve company MicroStrategy (Strategy, MSTR), as it made a significant purchase of over 300,000 ETH in just a few weeks, becoming the world's largest ETH holder.
(BitMine sweeps 300,000 ETH to become the largest holder, Tom Lee: the starting scale is larger than MicroStrategy)
This article Tom Lee: Compared to Circle's valuation, ETH is expected to reach $15,000 first appeared in Chain News ABMedia.
