Wall Street’s Discreet Crypto Exposure Is a Bullish Indicator, Says Analyst Tom Lee

Tom Lee: Bitcoin and Ether Still in Early Stages of Institutional Adoption

Despite surging prices, the crypto market remains far from overheated, says Tom Lee, co-founder of Fundstrat and chairman of Bitmine Immersion (BMNR). According to Lee, institutional adoption of digital assets like bitcoin and ether is only beginning — and growing skepticism among retail investors may be fueling the next leg higher.

In a recent interview with CoinDesk TV, Lee described the current market upswing as “the most hated V-shaped recovery in history.” After a downturn triggered by President Trump’s tariff announcements earlier this summer, recession fears prompted widespread caution. The swift rebound, he said, left many on the sidelines.

“Since 2020, every recovery has been met with disbelief,” Lee noted. “This one’s no different.”

Lee believes institutions are steadily entering crypto markets, though not making headlines. Ethereum is emerging as the infrastructure of choice for tokenization, thanks to its proven reliability and regulatory clarity. “Ethereum has never had downtime — that’s not lost on the banking sector,” he said.

Bitmine, Lee’s firm, is aligning itself with this long-term trend. The company currently holds 625,000 ETH — with total assets near $2.8 billion — and no debt. A $1 billion share buyback was recently approved, and Bitmine is targeting ownership of 5% of all ETH in circulation.

Bitcoin, now trading around $114,974, is also attracting institutional inflows. Lee expects that anticipated Federal Reserve rate cuts, possibly starting as early as September, could act as a major catalyst — with BTC potentially reaching $250,000.

He values ether at $15,000 based on network fundamentals and long-term usage trends, far above its current ~$3,700 level.

“We’re not at the peak,” Lee emphasized. “We’re in the middle of the cycle. The disbelief, the quiet accumulation — that’s exactly what fuels sustained bull markets.”