Tom Lee to Chair Bitmine’s $250M ETH Treasury, Eyes $10k Ether
Tom Lee, dubbed the “Wall Street oracle,” has been appointed chairman of mining firm Bitmine Immersion Technologies. He will help lead a $250 million private funding round for Bitmine’s ETH treasury strategy, mirroring MicroStrategy’s Bitcoin approach. On July 3, Bitmine stock surged over 1,000% after the funding announcement, which was led by MOZAYYX and backed by Founders Fund, Galaxy Digital, Kraken, Pantera, Republic Digital and DCG. Lee predicts Ethereum will climb to $10,000 in the current market cycle, citing the exponential growth of stablecoins on Ethereum. He argues that on-chain stablecoin demand and staking will drive higher Ethereum transaction fees and network use. Lee also highlights treasury companies’ ability to issue shares at premiums, generate leverage through convertible bonds and develop DeFi services like ETH staking loans. His bullish stance underscores a growing institutional appetite for Ethereum as a programmable smart-contract platform.
Bullish
Tom Lee’s leadership role and Bitmine’s $250 million ETH treasury strategy signal a major institutional commitment to Ethereum. The stock’s 1,000% spike and backing from top investors echo the Bitcoin treasury playbook that drove significant bullish momentum. Lee’s $10,000 target, tied to stablecoin-driven fee growth and staking demand, reinforces a long-term upgrade in Ethereum’s utility and value. While short-term volatility may arise around funding milestones or macro news, the clear institutional appetite and treasury structure advantages—such as share issuance at premiums and DeFi integrations—point to sustained upward pressure on ETH prices.