Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Financial analyst Tom Lee, co-founder of Fundstrat and president of Bitmine, has reiterated a highly bullish outlook for Ethereum (ETH), predicting the cryptocurrency could reach $10,000 by the end of 2025 and potentially $60,000 in the long term. Lee’s forecast comes amidst what he describes as one of the most bullish setups in crypto history, driven by institutional confidence and the burgeoning real-world asset (RWA) tokenization market.
Bitmine’s ETH Treasury Strategy
Adding to the institutional confidence in Ethereum, Bitmine recently announced its ETH Treasury Strategy. This initiative involved acquiring 3.34 million ETH, which represents 2.7% of the total circulating Ether supply.
The company further leveraged market dips on October 21, purchasing an additional 63,500 ETH, valued at approximately $184 million. This strategy, first revealed in June 2025, positions Bitmine as a significant player committed to Ethereum’s long-term growth.
Tom Lee’s Track Record and Predictions
Lee is known for his past market forecasts, including a 2018 prediction that Bitcoin would reach $125,000 by 2022. At the Token 2049 conference in Singapore, he suggested Ethereum could eventually surpass Bitcoin, becoming the leading platform for decentralized finance and real-world asset tokenization.
In addition to his Ethereum predictions, Lee also anticipates Bitcoin to hit $200,000 to $250,000 by year-end 2025. For Ethereum, he expects strong upside with potential targets of $10,000 to $12,000 by December 2025, and sees $60,000 as a long-term objective.
Real-World Assets Driving Growth
A core component of Lee’s bullish Ethereum thesis is the tokenization of real-world assets (RWAs). He believes that migrating assets such as real estate, stocks, and bonds onto the Ethereum blockchain could unlock trillions of dollars in value.
The RWA market on Ethereum has already seen substantial growth, surging from $8.6 billion to $25 billion in the first half of 2025 alone. Projections estimate this market could reach $10 trillion to $30 trillion by 2030, with fractionalized tokenization potentially increasing transaction volume and revenue on the network.
Key Takeaways
Tom Lee’s optimistic predictions for Ethereum’s price trajectory are underpinned by a combination of institutional investment, exemplified by Bitmine’s substantial ETH acquisitions, and the transformative potential of real-world asset tokenization. While some market analysts express bearish sentiment, Lee maintains that Ethereum is poised for significant upside in the coming years.
