"Lee's firm recently added $88 million in ETH at roughly $3,200 per token, pushing Bitmine's total holdings past 4.17 million ETH-about 3.45% of Ethereum's circulating supply. Lee frames the purchase as a bet on infrastructure-not speculation. With staking yields, network fees, and Layer-2 scaling driving recurring demand, he argues Ethereum could deliver a 100x return from current levels, mirroring Bitcoin's trajectory since Fundstrat first recommended it in 2017."
"Lee frames the Ethereum supercycle as a multi-year adoption wave driven by institutions rather than retail speculation. In his view, the Ethereum supercycle marks a shift where traditional finance, regulation, and blockchain infrastructure begin moving in the same direction. That alignment didn't exist in earlier cycles, which were shorter and more sentiment-driven. The comparison to Bitcoin's 2017-2021 run is deliberate but limited. Bitcoin gained traction as a store of value once institutions found a clear narrative and access points."
"Ethereum's path is different-its value comes from daily use. It settles stablecoins, supports lending markets, and underpins tokenized assets that institutions already interact with. "We believe ETH is embarking on that same Supercycle," Lee said in November 2025. The distinction is central to his thesis: Ethereum is growing less like a trade and more like infrastructure, with demand tied to activity rather than headlines."
Bitmine purchased $88 million of ETH at about $3,200 per token, bringing its holdings above 4.17 million ETH (about 3.45% of circulating supply) with ambitions to reach 5%. The purchase is framed as a bet on Ethereum as infrastructure rather than short-term speculation. Staking yields, network fees, and Layer-2 scaling are cited as drivers of recurring demand. A 100x return from current levels is projected if institutional adoption and infrastructure alignment continue. Ethereum's value is tied to daily utility — settling stablecoins, supporting lending markets, and underpinning tokenized assets — distinguishing its path from Bitcoin's store-of-value narrative.
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