Crypto markets may be climbing, but some investors don’t believe the rally is real, and that’s exactly why it could go much higher, according to Tom Lee, co-founder of Fundstrat and chairman of Ethereum treasury firm Bitmine Immersion (BMNR).
Speaking with CoinDeskTV, Lee explained why he called the rebound across crypto and equities that started in April “the most hated V-shaped bounce in history.“
That’s because when markets slumped after President Donald Trump’s tariff announcements at the beginning of the month, economists predicted a recession, and many investors steered clear of riskier assets. The rebound caught them off guard.
“Since 2020, investors have underestimated every recovery,” he said. “This one is no different.”
Traditional finance is increasingly buying into crypto — steadily and quietly, Lee said. The Ethereum blockchain’s ether (ETH), he said, is benefiting from Wall Street’s push into tokenization, choosing the network for its legal clarity and technical reliability. “Ethereum has never had downtime. That matters to banks,” he noted.
Lee’s company, Bitmine, is betting on that.
The company currently holds 625,000 ETH and nearly $2.8 billion in assets, with virtually no debt. Lee also confirmed a $1 billion share buyback, while reaffirming the company’s goal to accumulate 5% of the ETH supply.
Bitcoin (BTC), meanwhile, is becoming a recurring buy for institutional investors. Lee said he believes a shift in Federal Reserve policy — particularly a move to rate cuts in the coming months — could send BTC surging toward $250,000.
Lee values ETH, currently priced at $3,700, at $15,000 based on network fundamentals. He maintains the real story is underappreciated institutional adoption.
“We’re not at the top,” he said. “We’re just mid-cycle.”