Tom Lee: Crypto Still in “Early Innings” as Institutions Quietly Accumulate Bitcoin and Ether

Despite surging prices, crypto markets remain far from overheated, according to Tom Lee, co-founder of Fundstrat and chairman of Ethereum treasury firm Bitmine Immersion (BMNR). Speaking with CoinDesk TV, Lee warned investors not to confuse skepticism with a market top — arguing that disbelief may actually be bullish.

“This is the most hated V-shaped recovery in history,” Lee said, referring to the crypto and equity rebound that began in April. He noted that the rally caught many off guard, especially after markets tumbled following President Donald Trump’s new tariff policies early last month. “Since 2020, investors have consistently underestimated recoveries,” he added. “This one is no different.”

Lee believes institutional adoption of crypto is gaining momentum — albeit quietly. Bitcoin and ether, he said, remain in the early stages of widespread Wall Street integration. Ethereum, in particular, is benefiting from the rise of tokenization, as its legal clarity and proven uptime make it the preferred network for banks and financial infrastructure. “Ethereum has never had downtime. That matters to banks,” Lee emphasized.

Bitmine, the firm Lee leads, is doubling down on this thesis. The company now holds 625,000 ETH — worth roughly $2.3 billion at current prices — and maintains a debt-free balance sheet. Bitmine recently confirmed a $1 billion share buyback and reaffirmed its target of accumulating 5% of the total ETH supply.

Bitcoin, currently trading near $114,974, is also seeing renewed institutional interest. Lee believes a shift in Federal Reserve policy — particularly an upcoming cycle of rate cuts — could propel BTC toward $250,000.

As for ether, priced around $3,700, Lee maintains a long-term valuation of $15,000 based on network fundamentals and usage metrics.

“We’re not at the top,” he said. “We’re just mid-cycle. The real story is institutional adoption — and it’s just getting started.”