That pairing matters because it links a high-profile price target to observable treasury behavior. It turns a narrative claim into a measurable thesis that investors and compliance teams can track through holdings, staking activity, and market impact.
Lee’s Price Targets and the Thesis Behind Them
Lee has outlined a range of Ethereum targets across multiple timeframes, moving from nearer-term milestones to long-horizon outcomes. He previously pointed to $10,000–$15,000 by late 2025, raised a near-term possibility of $62,000, and described speculative scenarios extending toward $20,000 in 2026.
Further out, he has said ETH could reach $250,000, and he has tied that long-run view to similarly ambitious scenarios for Bitcoin. The throughline is a conviction that institutional allocation and market structure changes can reprice major crypto assets materially higher.
Lee’s rationale centers on a set of structural catalysts that, in his view, strengthen Ethereum’s strategic positioning. He points to expanding tokenization, broader adoption of Layer-2 scaling solutions, and increasing institutional treasury allocations as the core drivers.
He also flags reinforcing macro and narrative elements, including stablecoins and AI interest, as additional tailwinds to adoption and demand. “Ethereum is undervalued,” Lee said, crystallizing the investment thesis that underpins both the price targets and BitMine’s buying posture.
BitMine’s Treasury Strategy and Market Implications
BitMine’s accumulation strategy has been framed as deliberate and persistent rather than opportunistic. As of Jan. 5, 2026, the company’s position of more than 4.14 million ETH was described as roughly 3.4% of circulating supply, with management stating an intention to reach about 5% of total supply.
The firm’s buying activity has included regular large purchases that can be mapped to specific periods. Examples cited include a 32,977 ETH purchase in the final week of 2025 and a concentrated acquisition of 342,560 ETH over a 48-hour span in late 2025.
BitMine is not only accumulating ETH; it is also staking via a product called MAVAN, converting part of its holdings into yield-bearing positions. That staking posture adds an additional layer to the supply-and-liquidity discussion because staked ETH interacts differently with market availability than liquid balances.
Market observers have noted that BitMine’s stock (BMNR) has tracked ETH moves closely and that the company’s purchases have attracted meaningful retail interest in South Korea. At the same time, skepticism remains around the most extreme price targets, with some analysts arguing that immediate on-chain indicators do not clearly justify such steep near-term upside.
Institutional accumulation at this scale carries operational and regulatory implications that extend beyond price narratives. Custody design, reporting of unrealized gains or losses, and the treatment of staked ETH versus liquid exposure all become relevant for product teams and compliance officers evaluating counterparty risk and market impact.
BitMine’s stated goal of moving toward roughly 5% of Ethereum’s supply and the continuation of its staking activity through 2026. Those variables will serve as a practical test of whether concentrated corporate treasuries can compress available supply and support Lee’s bullish trajectory.