On June 2, Beijing time, Tom Lee, Chairman of Bitmine (NYSE: BMNR) — the largest corporate treasury holder of Ethereum — took the stage at the Proof of Talk 2026 conference at the Louvre in Paris to deliver a keynote titled "Crypto Spring: ETH is the Future of Money." Lee declared that the prevailing bearish sentiment marks the bottom for both Bitcoin and Ethereum, predicting that as artificial intelligence and tokenization drive fundamental changes in financial infrastructure, ETH could ultimately reach $250,000. Notably, on the day of his speech, BTC had fallen below $66,000 and ETH hit a low of $1,820, with Bitmine sitting on an unrealized loss of approximately $8.86 billion on its ETH holdings.
Lee structured his presentation into three parts: five reasons why crypto spring is already here, why Ethereum represents the best example of future money, and why buying crypto treasury stocks like Bitmine offers superior exposure compared to holding the underlying tokens. He also disclosed that Bitmine recently purchased an additional 111,942 ETH, bringing its total holdings to nearly 5.4 million ETH, representing 4.47% of the circulating supply. In stark contrast, the Ethereum Foundation has been consistently selling over the years and now holds only 100,000 ETH, a negligible 0.1% of total supply. Lee argued that corporate validators will replace the shrinking Ethereum Foundation as key stewards of the network.
Five Macro Tailwinds: From Oil Prices to the Clarity Act
Lee identified five powerful catalysts for a crypto spring. First, once the Iran conflict ends, the fear premium on oil will dissipate, potentially driving prices to $40 per barrel. He noted that Ethereum currently exhibits its highest-ever negative correlation with oil prices, meaning lower oil directly benefits ETH. Historical data since 1985 shows that every sustained oil price surge accelerated core CPI, forcing central banks to tighten monetary policy.
Second, the Clarity Act would provide a legal framework for crypto adoption and institutional participation in the U.S. While prediction markets assign only a 56% probability of passage, Lee, having consulted with policy experts in Washington, believes the actual likelihood is significantly higher. Third, the current White House is supportive of Bitcoin and crypto, which is also beneficial for dollar policy, particularly regarding stablecoins. Fourth, the new Federal Reserve Chair Kevin Warsh is a known Bitcoin supporter. Fifth, Fundstrat's structural bullish view on equities — driven by the demographic wave of Millennials, Gen Z, and Gen Alpha — suggests the S&P 500 could reach 15,000 to 18,000 points by the end of this decade, with stock market strength spilling over into crypto.
AI and Tokenization: How Crypto Infrastructure Captures Value
Lee meticulously traced the AI milestones since ChatGPT's launch: agentic systems gaining the ability to interact with websites in 2024, advances in robotics including Optimus Prime, Ukraine's industrial-scale drone manufacturing, OpenAI solving an 80-year-old problem, and Figure AI deploying warehouse robots capable of large-scale operations. When robots dominate internet traffic, blockchain systems vastly outperform traditional ones in identity verification, authentication, and payment speed. Crypto is the inevitable foundation for AI infrastructure. The market is currently transmitting AI value from semiconductors to storage to software — and Ethereum, which has historically moved in sync with software stocks, is now diverging, suggesting an imminent catch-up rally.
On tokenization, stablecoin transaction volumes have already surpassed Visa, and the tokenized securities market could reach $300 trillion, encompassing real estate, fixed income, equities, derivatives, and gold. Lee illustrated the value of money transfer by comparing Jane Street — with just 3,000 employees generating $40 billion in annual revenue — and Tether, which earned $15 billion with only 300 employees. Combined, they out-earn JPMorgan. He predicted that five of the world's top ten financial institutions within a decade will be crypto-native firms, and smart contract platform tokens like ETH will become monetized units of value.
The Ethereum Foundation Steps Back, Corporate Treasuries Step Up
Lee devoted significant attention to the evolving role of the Ethereum Foundation. The Foundation once held 17% of ETH supply; by 2020, this had dropped to 1%; last year, it fell to 0.3%; today, it stands at just 100,000 ETH. At a 5% yield, this can sustain only about $10 million in grants annually. Meanwhile, Ethereum treasuries — including Bitmine and Sharplink — now hold 7% of supply and generate $500 million in annual staking rewards, providing the real funding base for the ecosystem. Bitmine alone accounts for 4.5% of total ETH supply and 65% of all ETH treasury holdings.
Drawing parallels with the CTIA in mobile communications, the SIA in semiconductors, and the National Association of Broadcasters, Lee argued that mature industries need centralized coordination but not centralized control. Ethereum, with 11 years of uninterrupted operation, 1,500 nodes across 89 countries, and 15,000 developers, is simply too large for a single foundation to coordinate. The Foundation should focus on long-term research (post-quantum cryptography, privacy), coordinating private-sector efforts, and setting standards. Five or more entities will spin off from the Foundation, with Bitmine playing a role in funding and supporting these independent ventures.
Bitmine's Investment Portfolio and Valuation Logic
Lee detailed Bitmine's three major strategic moves during the crypto winter. First, the investment in Eightco (ticker ORBS), the largest public holder of Worldcoin — Sam Altman's proof-of-humanity project crucial in a robot-dominated internet. ORBS also holds 28% of OpenAI, 8% of MrBeast, 8% of ETH, and 34% cash on its balance sheet. With ORBS trading at merely $1 while comparable company VCX trades at 13 times net asset value, Lee sees ORBS as severely undervalued, suggesting a fair value of around $15 per share.
Second, Bitmine launched MAVAN, the world's largest single staking operator for Ethereum, which now manages and stakes approximately $2 billion in other crypto assets including Solana and Hyperliquid. With roughly $14 billion in assets under management, Bitmine's own staked ETH generates about $1 million in daily rewards. Third, Bitmine invested in MrBeast, the world's largest content creator, whose business recently disclosed revenues exceeding $1 billion with 50% growth. MrBeast is acquiring Step Financial and entering banking, positioning himself as the next Robinhood or SoFi for the 120-million-strong Gen Z and Alpha demographic. Lee noted that just as Boomers built Schwab and Gen X created BlackRock and Blackstone when they were not yet wealthy, the coming $50-60 trillion wealth transfer to younger generations makes this a generational bet.
Bitmine recently uplisted to the NYSE and met the eligibility criteria for inclusion in the Russell 1000 index, with the effective date set for June 26. Of approximately 1,600 active fund managers benchmarked to the Russell 1000 — representing over $4 trillion in assets — Bitmine currently has only 25 institutional holders, meaning 1,575 institutions will decide whether to allocate. Lee also disclosed that Bitmine's ETH holdings grew from 1% of supply last August to 4.5% today, with 5% possible by late June. However, the company is deliberating whether holding above 5% aligns with its strategy and will slow the pace of accumulation until a decision is made.
Bitmine in a $250,000 ETH Scenario
Lee illustrated the leveraged nature of treasury stocks with historical data: from June 30 to December 31 last year, ETH rose 22% while Bitmine surged 500%; during this year's ETH decline, Bitmine again outperformed on the downside. The correlation between Bitmine's stock price and ETH price stands at 90%. If ETH reaches $22,000 — which Lee considers reasonable — Bitmine shares would be worth $500. If ETH hits $250,000, the stock would be valued at $5,000, a staggering upside from the current $18 price. Lee concluded by emphasizing that the current pessimism represents selling at the bottom, and he remains steadfastly bullish on both Ethereum and Bitmine's long-term trajectory.