Tom Lee says Ethereum is set to be crypto’s biggest winner over the next five years. He’s betting on real-world asset tokenization and the explosion of AI agents, which will need fast, programmable payment rails. If Bitcoin hits $150,000 and ETH/BTC trades at 0.04, Lee sees ETH targeting around $6,000. He actually calls that a conservative scenario, suggesting ETH/BTC could push to 0.08 or higher.

Bitmine Keeps Building Its ETH Stack

Last week, Bitmine scooped up another 53,501 ETH for $131.8 million—their biggest buy since June. The company’s total stash now sits at 5,901,112 ETH (about $14.5 billion), which is roughly 4.9% of the whole ETH supply. Of that, 5,067,309 ETH (~$12.5 billion) is staked—so around 86% of their ETH is locked up earning yield. Bitmine also has $541 million in cash and liquid assets ready to deploy for more buys.

Tom Lee’s ETH Valuation Model

Lee’s thesis is pretty straightforward: with BTC at $150,000 and ETH/BTC at 0.04, ETH should land near $6,000. He sees this as a base case, with a shot at ETH/BTC climbing to 0.08 or more—meaning ETH could go even higher.

What the Market’s Watching

On one hand, you’ve got structural demand from a whale like Bitmine and a huge chunk of ETH locked in staking. On the other, Lee’s argument that Ethereum will be the backbone for tokenization and payments for AI agents. Market players are weighing these factors against the ETH/BTC trend and Bitcoin’s price trajectory.