Bitmain’s chairman Tom Lee says the company expects a supercycle for Ethereum and crypto, driven by Wall Street tokenization and AI.
Bitmine chairman Tom Lee says he expects a supercycle for Ethereum as the NYSE-listed crypto treasury company keeps increasing its ETH▲$1,793.56 holdings.
Bitmine Immersion Technologies, an Ethereum treasury company that has become the largest corporate Ethereum treasury, said in a May 26 press release that its asset holdings totaled $12.3 billion as of May 25.
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The holdings included more than 5.39 million ETH, around 203 BTC▼$65,784.00, $444 million in cash, a $200 million stake in Beast Industries and a $95 million stake in Eightco Holdings.
Commenting on the company’s ETH purchase spree, Lee said in the press release that Bitmine continues to “expect a supercycle ahead for crypto and Ethereum, driven by the dual drivers of Wall Street tokenization and agentic-AI,” though he didn’t say when that supercycle could start or give a price target for ETH.
Bitmine Ethereum Holdings Under Pressure
In Bitmine’s chairman’s address for May, Lee explained that ETH could go to around $12,000 based on the possibility of Bitcoin being priced at $250,000 and Ethereum going back to its mean value relative to Bitcoin. Nevertheless, Lee presented that scenario as a 12-month setup only.
Bitmine is heavily exposed to ETH, so higher Ethereum prices and institutional demand would directly support its strategy. But the same concentration also creates risk.
Given that Bitmine’s latest update valued its 5.39 million ETH at $2,134 per token, the whole ETH stack would lose or gain about $53.9 million for every $10 move in ETH.
Read more: Why Is Ethereum Price Still Dropping? ETH Technical Analysis & Market Outlook
