Ethereum has bottomed out; BitMine Chairman Tom Lee reveals the reason.

Source: CryptoNewsNet Original Title: Ethereum Has Bottomed, Says BitMine Chairman Tom Lee—Here’s Why Original Link: Tom Lee believes Ethereum has bottomed out, following the recent drop below the $3,000 mark for this second-largest cryptocurrency.

BitMine Immersion Technologies Chairman and Fundstrat Chief Investment Officer Tom Lee stated that the Ethereum treasury has been “taking concrete actions to support their claims,” significantly increasing its balance sheet at the current Ethereum price.

“BitMine believes Ethereum has bottomed out,” Lee said in a video interview with President Farokh Sarmad. “Compared to two weeks ago, we have more than doubled the amount of Ethereum we purchased.”

The Ethereum treasury recently increased its position substantially, buying over 138,452 ETH last week, worth approximately $460 million in major cryptocurrencies.

This marks the largest purchase since October, when BitMine bought more than 200,000 ETH—part of its goal to hold 5% of the circulating supply of Ethereum.

As of Wednesday, the company held about 3,864,000 ETH, representing approximately 3.2% of the circulating supply, making it the largest publicly listed Ethereum treasury and the second-largest crypto fund after the $12.85 billion ETH holdings. Among all crypto treasuries, BitMine ranks second only to Bitcoin giant Strategy, which holds over $61 billion worth of BTC.

BitMine also holds 193 Bitcoin, valued at about $18 million, and $1 billion in cash.

Although both assets have fallen from their all-time highs, Ethereum is leading the recent rebound, rising about 8% over the past seven days with a trading price of $3,376. Meanwhile, Bitcoin has remained relatively flat over the past week, recently trading at $92,248.

Key figures at BMNR said they believe both assets could experience significant fluctuations before the end of the year.

Previously, Lee predicted that BTC could reach as high as $150,000 by the end of 2025, but softened his stance when BTC continued trading below $100,000 in the last week of November, adding that it “may” still reach the $150,000 mark.

In any case, Lee and BitMine are more excited about Ethereum’s prospects over the next 10-15 years, especially as Wall Street adopts Layer 1 networks and their place in the future of finance.

“The reason we’re excited about Ethereum is that Wall Street has chosen to build the future using blockchain,” Lee said. “It started with stablecoins, which was a major ‘aha’ moment for Wall Street… but that’s just digital dollars. Now Wall Street wants to tokenize everything—they won’t build on Bitcoin—they need a smart contract platform.”

This aligns with the narrative shared by global investment firms BlackRock executives Larry Fink and Rob Goldstein, who last week stated that tokenization is the “next major evolution of market infrastructure.”

Ethereum is at the forefront of this trend, with $12.1 billion worth of tokenized real-world assets, or nearly 66% of the distributed asset share, according to RWA.xyz.