Tom Lee: Ethereum has bottomed out, so BitMine is actively buying

Fundstrat co-founder and BitMine Chairman Tom Lee said in an interview, “BitMine believes Ethereum has bottomed out. Compared to two weeks ago, we have more than doubled the amount of Ethereum we are purchasing.”

Additionally, according to Decrypt, Tom Lee stated that he is more excited about Ethereum’s future 10 to 15 years, especially as Wall Street has embraced the Ethereum network and its role in future finance.

He said, “The reason for the excitement around Ethereum is that Wall Street is choosing to use this blockchain to shape the future. It all started with stablecoins, which was a major 'epiphany' moment for Wall Street... but that was just tokenizing the dollar. Now Wall Street wants to tokenize everything, and they won’t build on Bitcoin—they need a smart contract platform.”

The company recently increased its Ethereum holdings significantly, purchasing over 138,452 ETH last week, which is worth approximately $460 million at current prices. This is the largest transaction since BitMine bought over 200,000 ETH in October. As of Wednesday, the company held about 38.64 million ETH, accounting for approximately 3.2% of the circulating supply.