Foreign media reports: Tom Lee, Head of Research at Fundstrat and Chairman of Bitmine, stated at the Proof of Talk conference in Paris that Ethereum's long-term valuation potential may be repriced as AI and asset tokenization drive changes in financial infrastructure. He predicted that ETH could eventually reach $250,000, but did not specify a timeline.
The current market price is still far from this target. The CoinDesk article mentions that ETH closed at $1906 on Tuesday, a 24-hour drop of approximately 6%. Lee believes the market is currently focused on short-term volatility, ignoring the changing network usage and participant structure.
AI and tokenization are seen as sources of demand.
The article states that one of Lee's core logics is the demand for AI-driven machine-to-machine payments. With the increase in automated software and intelligent agents, machines need faster methods for authentication, authorization, and payment, and blockchain networks may be more suitable for such scenarios than traditional bank transfer systems.
He also listed tokenization as another long-term driver. According to this view, if more financial assets migrate to on-chain settlement, Ethereum may no longer be just a speculative asset, but will take on more real network activity and payment needs.
The Rise of Enterprise Validators
Lee also focused on changes in participants on the Ethereum network. He stated that the Ethereum Foundation has been continuously reducing its holdings in recent years, currently holding approximately 100,000 ETH, representing about 0.1% of the circulating supply. In contrast, publicly traded companies and corporate treasuries are increasing their holdings and participating in the network's operation through staking.
Bitmine is one of them. The article states that the company recently purchased another 111,942 ETH, estimated at approximately $237 million based on the price mentioned in the article, bringing its total holdings to nearly 5.4 million ETH, representing about 4.47% of the circulating supply. Lee also mentioned that entities including Bitmine and Sharklink collectively control approximately 7% of the circulating ETH and earn rewards through staking.
Bitmine mentioned index inclusion
In his speech, Lee also discussed Bitmine's progress in the capital markets. According to him, the New York Stock Exchange-listed company has met the criteria for inclusion in the Russell 1000 index, with an inclusion date of June 26. If the inclusion is successful, funds tracking the index may pay attention to this stock.
He also argued that holding shares in companies with staking structures could yield higher returns than directly holding spot ETH. The article cites his speech, stating that in a six-month comparison, spot ETH returned approximately 22%, while Bitmine's related structure yielded a 500% return. This statement, primarily from his personal speech, represents an opinion.
Market judgment remains to be verified.
Lee concluded by stating that the current pessimistic view on Bitcoin and Ethereum may be nearing a market bottom. The CoinDesk article primarily focuses on his speech, highlighting an optimistic assessment of ETH's long-term valuation, the role of enterprise validators, and the demand for AI, rather than new on-chain rules or regulatory changes.
Additional information:The Bitmine holdings, enterprise validator percentages, and return comparisons mentioned in the article are all from Tom Lee's public remarks at the conference. CoinDesk did not provide an independent audit or complete calculation process in the article.
