BitMine Chairman Tom Lee said at WebX 2026 that he still views ETH as money and argued that Ethereum is moving into an “ETH 2.0” phase. Drawing a comparison with the valuation rerating seen in Amazon, Nvidia, and JPMorgan during their “1.0 to 2.0” transitions, Lee said Ethereum could see a similar shift and set a long-term price target of $250,000 for ETH.
Lee also said market sentiment has bottomed and described Ethereum as the remedy for what he called the “wealth uncanny valley.” He disclosed that BitMine has acted as lead investor in two Ethereum Foundation spinout organizations: EthLabs, founded by former Ethereum Foundation contributors, and Ethereum Institutional, an independent nonprofit. According to Lee, the two groups focus on accelerating Ethereum’s “institutional supercycle” and pushing large-scale onchain adoption in institutional finance.
Lee added that BitMine currently holds 5.74 million ETH, equal to 4.8% of total ETH supply. The firm’s goals include slowing the pace of accumulation, gradually increasing its holdings to 5% of ETH supply, continuing to fund Ethereum Foundation spinout projects and public goods, and investing in financial services and crypto unicorns tied to the Ethereum ecosystem.
Lee reiterates the case for ETH
BitMine Chairman Tom Lee said at WebX 2026 that “ETH is money,” repeating a view he has stated before. He compared Ethereum’s current stage with the valuation shift seen when Amazon, Nvidia, and JPMorgan moved from “1.0” to “2.0,” and said Ethereum is now entering its own “ETH 2.0” phase. Lee set a long-term target of $250,000 for ETH.
He also said current market sentiment has bottomed and described Ethereum as the cure for the “wealth uncanny valley.”
BitMine backs two Ethereum-related organizations
Lee disclosed that BitMine has served as lead investor in two Ethereum Foundation spinout organizations: EthLabs, founded by former Ethereum Foundation contributors, and Ethereum Institutional, an independent nonprofit organization.
He said EthLabs is focused on accelerating Ethereum’s “institutional supercycle,” while Ethereum Institutional is aimed at pushing large-scale onchain adoption in institutional finance.
BitMine’s ETH holdings and stated goals
According to Lee, BitMine currently holds 5.74 million ETH, representing 4.8% of ETH supply. He said the company’s future goals are to slow its pace, gradually raise its holdings to 5% of ETH supply, keep funding Ethereum Foundation spinout projects and public goods, and invest in financial services and crypto unicorns to strengthen the Ethereum ecosystem.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
