"We want to acquire as much ETH as possible at a price of $3500 before ETH achieves stepwise growth like Bitcoin did in the past five years." — Tom Lee.

In August 2025, Ethereum will experience a silent yet profound wave of revaluation. The protagonists are not Layer2, nor the recovery of DeFi, but a rapidly buying ETH company aiming for 5% of the total supply: BitMine.

This Ethereum treasury company, founded by Wall Street legend Tom Lee, rapidly accumulated 833,000 ETH in less than a month, becoming one of the largest ETH treasury institutions in the world. It not only sparked collective interest in ETH from Wall Street but may also be the tipping point for Ethereum's transition from a "technology platform" to a "strategic asset."

⸻

One, the redefinition of the treasury model: Ethereum's "MicroStrategy moment."

Tom Lee has not hidden his ambitions. He openly stated on the Bankless podcast:

"We want to replicate or even surpass the speed, scale, and strategic position of MicroStrategy when acquiring BTC."

In 2020, MicroStrategy introduced Bitcoin into the Wall Street asset allocation system, marking the beginning of the **"Bitcoin treasury era."** Now, BitMine hopes to do the same, targeting the equity-based, stakable, programmable Ethereum, but the underlying logic is even grander:

1. Ethereum as an equity asset can yield native returns.

BitMine currently holds $3 billion in ETH, with an annualized staking yield exceeding 3%. This is long-term "net income."

2. Ethereum is the infrastructure for on-chain finance.

Companies like BitMine and SharpLink are not just holders; they will also participate in the stable and compliant construction of staking and on-chain financial services.

3. ETH is digital infrastructure, no longer just currency.

Unlike BTC as "digital gold," ETH is the underlying public chain for the future on-chain financialization, AI financialization, and asset tokenization on Wall Street.

⸻

Two, why has Wall Street suddenly started to "fall in love with Ethereum"?

Tom Lee pointed out: "ETH in 2025 will be like BTC in 2017."

In 2017, the price of Bitcoin soared from $1000 at the beginning of the year to nearly $20000 by the end. That year, institutions had not yet entered, but the fundamentals had quietly activated.

In 2025, Ethereum is at a similar junction:

• Wall Street discovered that the future of financialization is happening on Ethereum.

• Goldman Sachs, Morgan Stanley, and other investment banks hope to enter the Ethereum ecosystem in a compliant manner.

• The U.S. government has begun to value "owning ETH staking shares" as a key component of on-chain financial security.

In this context, ETH treasury companies have become the "legitimate gateway" for Wall Street institutional investors to gain exposure to ETH.

That is also why people like Cathie Wood, Bill Miller, and Stanley Druckenmiller have invested in BitMine.

⸻

Three, why is the price of ETH still undervalued?

Many are confused: BitMine bought so much ETH, why is ETH still below $4000?

Tom Lee's answer is clear and calm:

"Short-term market behavior is influenced by trading activities, such as forced liquidations, arbitrage, and inter-chain competition. But this will not change the long-term fair value trajectory of ETH."

More importantly, he believes:

• ETH is moving toward a **"stepwise revaluation"** of its price, similar to technology stocks like NVIDIA and Tesla.

• The current sideways movement and undervaluation, on the contrary, provide a time window for ETH treasury companies to expand.

• Once the price of ETH starts, it could leap from $4000 to $7000/12000 or even $15000, "just like BTC did."

⸻

Four, mNAV, speed premium, sovereign options: the innovation of BitMine's valuation system.

Treasury companies differ from traditional ETFs; they have a unique "mNAV valuation model":

1. Basic NAV: The current value of held ETH.

2. Native yield PE: like 3% staking yield × 20 times valuation.

3. Speed premium: The ability to rapidly increase holdings of ETH, with each share of ETH growing quickly.

4. Liquidity premium: BitMine's daily trading volume reaches $1.6 billion, making it the 42nd largest in the U.S. stock market.

Additionally, Tom Lee proposed a highly strategic viewpoint:

"Once BitMine owns 5% of ETH, we are a sovereign put option."

This means that in the future, even if governments or central banks want to purchase ETH, they may need to go through companies like BitMine. BitMine is not just a treasury company; it is also an on-chain sovereign entry point.

⸻

Five, the valuation method for ETH needs to be fundamentally changed.

ETH is not a stock, not gold, and not just "digital oil." Tom Lee suggested:

"The price of ETH is not based on today’s trading data, but on what it will become in five years."

He borrowed ExxonMobil's valuation logic to point out:

• Treasury companies are more like resource reserve-type companies and should be priced based on "reserve size × premium."

• The staking returns of ETH, the infrastructure attributes of the financial system, and its strategically scarce position are slowly being priced by the market.

Therefore, the current price of ETH at $3600-4000 is a "seriously undervalued" option-like opportunity.

⸻

Six, can ETH rise 100 times? Tom Lee: This is not a fantasy.

At the end of the interview, Tom Lee made the most shocking prediction:

"Bitcoin has risen 100 times, and Ethereum can rise 100 times too. And possibly more."

His reasoning includes:

• The narrative of ETH has not yet been fully accepted by institutions ("Once accepted, it will lead to violent revaluation").

• The staking of ETH, L2 ecosystem, and the landing of DeFi + AI will create new network effects.

• ETH is more easily used as an on-chain settlement medium and collateral for financial applications.

• ETH is the infrastructure for the integration of AI and Web3.

⸻

Conclusion: The next leap for Ethereum may not rely on developers, but on treasury companies.

BitMine is not an isolated case. In the second half of 2025, SharpLink, EtherMachine, and even traditional enterprises will gradually join the ranks of ETH treasury construction.

The ETH treasury is a slow-variable offensive of compliance, joint ventures, and encirclement. As Tom Lee said:

"I hope ETH maintains this price for another five years. Because we can take the opportunity to buy it now."

When the market finally understands the true role of Ethereum, it may be the moment ETH leaps to another magnitude.