Tom Lee, chairman of BitMine Immersion Technologies and co-founder of Fundstrat, has set a long-term price target of $250,000 for Ethereum (ETH), arguing that artificial intelligence and real-world asset tokenization will transform the network’s role in global finance.
Speaking at the Proof of Talk conference in Paris, Lee said the target represents a roughly 50-fold expansion from current levels. Ethereum was trading at $1,873.28 at the time of writing, down 5.19% in the past 24 hours, with a market capitalization of $226.17 billion.
Tom Lee: Bearish Sentiment Sets the Backdrop
Lee’s call arrives during a difficult stretch for the network. ETH fell below $2,000 in early June after a 12.6% slide in May, pressured by what he described as the largest monthly outflow from U.S. spot Ethereum ETFs since the products launched. Net redemptions for May totaled $2.43 billion, a backdrop that has weighed on equity treasuries chasing the ETH treasury model of accumulating tokens through public markets.
Derivatives positioning has added to the gloom. Short positions dominate, and futures open interest hit a record 16 million ETH on May 28. Yet Lee told the Paris audience that pessimism is itself the signal.
“If you are bearish today, you are selling at the bottom. I can’t emphasize enough, if you’re bearish today, you are bearish at the bottom for Bitcoin and Ethereum.”
AI Agents and Tokenized Assets Drive the Thesis
At the core of the argument is what Lee calls the machine-to-machine economy. As autonomous AI agents take over more internet traffic, he said, they will need an instant settlement layer that legacy payment rails cannot deliver. In his view, Ethereum becomes the default currency for purchasing automated computing power, with RWA tokenization platforms layered on top of the base network.
Lee paired that case with continued growth in stablecoins and tokenized assets running on Ethereum, arguing the combined opportunity could lift the network’s value into the trillions of dollars. The $250,000 number stretches well beyond his earlier 2026 forecast, framing ETH as critical financial infrastructure rather than a speculative asset. Lee has previously argued that the asset could one day flip Bitcoin in value.
Corporate Validators Replace the Foundation
Lee also flagged a governance shift he believes is underappreciated. The Ethereum Foundation now holds about 100,000 ETH, roughly 0.1% of total supply, after years of deliberate divestment. Corporate validators are filling the vacuum.
BitMine and Sharklink together control about 7% of Ethereum’s circulating supply, according to Lee. BitMine alone holds nearly 5.4 million ETH following a recent 111,942 ETH purchase, putting it close to its stated accumulation goal of 5% of all tokens.
The firm generates roughly $500 million in annual staking rewards and qualifies for Russell 1000 inclusion effective June 26, a move that will force every benchmarked fund manager to decide whether to hold the stock.
The gap between Ethereum’s spot price and Lee’s structural framework remains wide. Whether AI demand, corporate stakers, and the next wave of tokenized assets can close it will define the network’s next chapter.