BitMine Chairman Tom Lee said Ethereum could reach $250,000 per token over the long term, outlining the view during WebX 2026 in Tokyo on July 13.

Lee described Ethereum as entering a “2.0” phase and compared the shift to earlier stock-market re-ratings of Amazon and Nvidia. His argument centers on ETH becoming “productive money” in an economy increasingly shaped by artificial intelligence.

Lee’s Ethereum 2.0 Thesis

Lee’s long-term price target is based on Ethereum’s potential role as global settlement money. He argued that ETH could be re-rated in a way similar to JPMorgan’s evolution as a financial platform.

Under this “2.0” framework, Ethereum is not viewed only as a crypto asset. Lee framed it as core infrastructure for an AI-driven economy, with blockchain serving as a trust layer between human economic activity and autonomous AI transactions.

That framing matters because Ethereum is already used as a general-purpose smart contract network, where applications can execute transactions without relying on a single centralized operator. ETH’s role in that system is tied to transaction fees, validator economics, and settlement activity rather than only to exchange-based trading.

A key part of Lee’s thesis is what he calls the “uncanny valley of wealth.” He said agentic AI systems could eventually generate income beyond human capacity, creating a need for systems that can distinguish and settle different types of economic activity.

In that context, Lee said Ethereum increasingly functions as “money” because ETH is used to pay transaction fees. He cited Robinhood Chain as an example, noting that it now uses ETH as its native gas token.

Lee said this type of utility supports demand beyond price speculation. He also pointed to continued developer activity on Ethereum as another factor supporting his settlement-layer thesis.

Lee connected his Ethereum valuation outlook to BitMine’s own stock performance. He said the company’s share price has closely followed Ethereum’s market price. If Ethereum becomes “productive money,” he suggested, both ETH and BitMine could benefit materially.

BitMine’s Ethereum Position

BitMine has built what it describes as the largest corporate Ethereum treasury in support of the long-term thesis. The company currently holds 5.74 million ETH, equal to 4.8% of the token’s supply.

The company has said it intends to remain below a 5% concentration threshold. The approach reflects a long-term accumulation strategy rather than short-term trading, according to the source article.

Corporate crypto treasuries have become one way public companies express direct exposure to digital assets, but BitMine’s strategy is specifically tied to Ethereum infrastructure rather than a passive holding thesis alone. Its stated concentration limit also gives readers a reference point for how close the company is willing to get to a larger share of ETH supply.

During its first year, BitMine launched the MAVAN validator network. It also led investment rounds in Ethereum Foundation spin-offs ETH Labs and Ethereum Institutional.

Those initiatives place BitMine within Ethereum’s institutional buildout. Lee has framed the company’s involvement as part of the path toward his $250,000 long-term ETH target.

Near-term technical analysis was also cited in the broader discussion. Analysts at DeMark Analytics and Steve Suttmeier projected Ethereum could reach between $2,200 and $2,239 soon.

They compared current market conditions to the 1987 S&P 500 pattern. Lee described that possible near-term move as an early step within his broader long-term Ethereum thesis.

The contrast between those near-term levels and Lee’s long-term target underscores that his case depends on a much broader adoption argument, not only on short-term chart patterns. The article does not establish that such adoption will occur, and the cited target remains Lee’s stated outlook.

BitMine has also reported several corporate milestones this year. The company completed a preferred stock offering, uplisted to the NYSE, and gained inclusion in the Russell 1000 index.

Lee titled his July message “Ethereum is the Cure for the Uncanny Valley of Wealth,” and urged investor patience in relation to the long-term outlook.