BitMine chair Tom Lee sees a Bitcoin-style supercycle for Ether

In a recent X post, Lee predicted that Ether is entering a Bitcoin-like “supercycle” and could increase in value 227 times over the next several years. He recounted that his first Bitcoin recommendation to clients came when the token traded near $224. 

In the same post, Lee estimated Bitcoin is now “23x from our first recommendation,” despite multiple deep drawdowns. “We believe ETH is embarking on that same Supercycle,” he wrote, adding that outsized gains in prior cycles required investors to hold through sharp volatility. “To have gained from that Supercycle, one had to stomach existential moments to HODL.”

Ether trailed Bitcoin while the largest cryptocurrency set fresh records in 2025. Ether reached an all-time high near $4,946 in August, while Bitcoin climbed above $126,000 in October. As of November 17, Bitcoin is around 25% below its peak, and Ether is down more than 35% from its high. 

Lee chairs BitMine, which manages Ether for its corporate treasury, and co-founded Fundstrat Global Advisors. He was also BitMine CEO until recent changes and the appointment of Chi Tsang as the new CEO. 

BitMine is the largest Ethereum treasury company, holding 3,505,723 ETH in its reserves, valued at over $11 billion, according to CoinGecko. The company’s strategy has attracted considerable attention. In November 2025, ARK Invest increased its stake in BitMine, purchasing roughly $5.83 million of BMNR shares across several funds during a market selloff. Disclosures from the same week also showed about $8.9 million of shares bought in the prior session, bringing its total holding to 18,089 BitMine shares.