Tom Lee, head of Research at Fundstrat and Chairman of Bitmine Immersion Technologies, told the Proof of Talk conference in Paris that ether (ETH) is on a path to $250,000, driven by a fundamental shift in network control and the rise of artificial intelligence.
Lee said the non-profit Ethereum Foundation has shrunk its holdings to just 0.1% of total supply, while public companies like Bitmine and Sharklink have stepped in as corporate validators, now collectively controlling 7% of all circulating ether. These firms generate $500 million annually in staking rewards, replacing foundation grants as the ecosystem's funding engine.
Artificial intelligence will be the catalyst for multi-trillion-dollar growth, according to Lee. As automated systems dominate the internet, machines will need instant, trustless payment networks, making blockchain superior to traditional banking. Lee sees Ethereum evolving from a speculative asset into the primary currency for paying for automated computing power.
Lee also revealed that Bitmine (BMNR) meets eligibility for the Russell 1000 index, with inclusion set for June 26. He argued that owning a corporate validator stock like Bitmine dramatically outperforms holding spot crypto, citing a 500% return vs. 22% for spot ether over a six-month stretch. Bitmine recently purchased 111,942 ETH, bringing its holdings to roughly 4.47% of the total circulating supply.
“If you are bearish today, you are selling at the bottom,” Lee warned, calling current prices “future optionality at a discount.” Ether traded at $1,906 at the time of his remarks.