Tom Lee Compares ETH’s Future to Bitcoin’s 100x Supercycle as BitMine adds $66M in ETH

Despite the sharp pullback in the crypto market recently, Tom Lee's BitMine is continuing to accumulate Ethereum.

According to blockchain analytics platform LookOnChain, a wallet 0xE2ed allegedly linked to BitMine received a total of 21,054 ETH, worth over $66 million, from the Kraken exchange. 

Ethereum itself saw a rare positive day on November 18. The currency is up by around 2.6% over the last 24 hours, even if its broader trend remains negative. The market-leading altcoin is still down by 10% in the week, adding up to a 21% deficit over the past month. 

Lee, Chairman of the company, firmly believes that the current drawback in the morning will cease shortly. And by that metric, picking up some ETH "at a discount" fits neatly into BitMine’s broader strategy. The company already leads the Ethereum treasury market with $11.06 billion worth of ETH under its belt, and plans to continue accumulating the asset in the future. 

Tom Lee has set BitMine's Ether accumulation at 5% of the total Ethereum supply, arguing that such a stake would give the company unparalleled influence over the asset’s liquidity and long‑term stability.

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Lee Believes ETH Will Enter a "Supercycle"

In a recent post, Tom Lee reflected on how his market research firm, "Fundstrat", originally recommended Bitcoin to its clients back in 2017, when the asset was trading near $1,000. At the time, the firm suggested a modest 1%–2% portfolio allocation to BTC, framing it as a high‑risk but potentially transformative investment. 

Since then, Bitcoin has endured six drawdowns where the asset lost over half of its value, of which three represented a fall of over 75%. Yet despite those “existential moments,” Bitcoin has surged 100x over the past 8.5 years, validating Fundstrat’s early thesis.

"To have gained from that 100x Supercycle, one had to stomach existential moments to HODL", he noted. 

Lee now argues that Ethereum is embarking on a similar supercycle, which, despite wild moments, could represent significant returns over time. And BitMine's Ether accumulation over the past year shows that the entrepreneur is willing to back it up with capital.