Tom Lee: Market Is Mid-Cycle as Institutions Quietly Accumulate Bitcoin and Ethereum
Despite sharp gains across crypto assets, the current rally is still in its early stages, according to Fundstrat co-founder and Bitmine Immersion (BMNR) chairman Tom Lee. Speaking with CoinDesk TV, Lee said the combination of market disbelief and growing institutional interest suggests that the bull cycle is far from over.
“This is the most hated V-shaped recovery in history,” Lee said, referring to the rebound in both equities and crypto since April. After markets dipped on tariff-related headlines from President Donald Trump, fears of a recession sidelined many investors. “Since 2020, people have consistently underestimated recoveries. This one is no different,” Lee added.
Lee emphasized that institutional adoption is quietly building behind the scenes. Ethereum, in particular, is emerging as a preferred platform for financial institutions due to its uptime and regulatory clarity. “Ethereum has never gone offline — that’s critical for banks and infrastructure providers,” he noted.
Bitmine is positioning accordingly. The firm currently holds 625,000 ETH, manages $2.8 billion in assets, and carries no debt. It recently approved a $1 billion share buyback and reaffirmed its long-term goal of accumulating 5% of the total ETH supply.
Bitcoin is also benefiting from this shift. With BTC hovering around $114,974, Lee believes a policy pivot from the Federal Reserve — particularly interest rate cuts expected later this year — could propel the asset toward $250,000.
Lee values ether, currently trading near $3,700, at $15,000 based on its core network fundamentals and role in the evolving tokenized economy.
“We’re not at the top,” Lee said. “We’re in the middle of a broader cycle. What matters now is institutional adoption — and it’s accelerating, even if it’s not making headlines.”
