Ethereum as Wall Street’s neutral chain
Fundstrat co-founder and BitMine Chairman Tom Lee believes Ethereum is set to become the blockchain of choice for Wall Street and Washington. Speaking at Korea Blockchain Week 2025’s Impact conference, Lee described Ethereum as a “truly neutral chain” that financial institutions prefer because it isn’t controlled by any single party.
“If you think about how Wall Street operates, they will only want to do and operate on a neutral chain,” Lee said. He emphasized that Ethereum provides fairness, transparency, and neutrality, making it the preferred infrastructure for large institutions.
White House leaning toward Ethereum
Lee noted that the Trump administration and members of Congress are increasingly turning to Ethereum as the foundation for blockchain innovation. He also connected this shift to emerging technologies such as agentic AI and robotics, which he predicts will rely on Ethereum for tokenized economies.
“President Trump just talked about the need for proof-of-human to protect us, and a lot of that work will be done on Ethereum,” Lee said.
BitMine leads the Ethereum treasury market
Under Lee’s leadership, BitMine transformed into an Ethereum treasury vehicle, positioning itself as the largest ETH treasury holder in the world. Since its shift in June, BitMine’s market capitalization surged from about $37.6 million to nearly $9.45 billion.
BitMine currently holds 2.15 million ETH, second only to Michael Saylor’s MicroStrategy in total crypto treasury size. Together, BitMine and MicroStrategy dominate institutional trading volume, with $3 billion and $3.4 billion traded daily, respectively.
Lee said these firms now trade like large-cap stocks, with institutional investors treating them as index components that attract steady inflows.
Ethereum super cycle and long-term growth
Lee believes Ethereum may be entering a “super cycle” lasting 10 to 15 years. He expects ETH to surpass its prior highs and eventually find “real price discovery” between $12,000 and $15,000, with further upside potential.
“Ethereum, as a price ratio to bitcoin, should recover to its five-year highs,” Lee explained. “Using a $250,000 Bitcoin, that implies somewhere between $10,000 and $12,000 for Ethereum by the end of the year.”
Bitcoin remains strong
Despite his bullish outlook on Ethereum, Lee remains optimistic about Bitcoin. He forecasts BTC will finish 2025 between $200,000 and $250,000, citing strong seasonal patterns and a shift toward dovish policy by the Federal Reserve as key tailwinds.
“Seasonally, Bitcoin is strong in the fourth quarter,” Lee said. “With the Fed flipping dovish, that’s another boost for BTC.”
Outlook for institutional crypto adoption
Lee’s comments reinforce the growing narrative of Ethereum as the backbone for institutional blockchain adoption. With Wall Street, Washington, and emerging technologies aligning behind Ethereum, BitMine’s strategy signals the start of a long-term shift in how institutions view blockchain investments.
