Ethereum to $250,000? Tom Lee charts targets as Bitmine stock price jumps

Core Viewpoint - Bitmine chairman Tom Lee predicts Ethereum's price will surge 8,000% to $250,000 per token, potentially valuing the cryptocurrency at approximately $30 trillion, surpassing the combined market capitalization of major tech companies [1]. Company Strategy - Lee proposes increasing Bitmine's authorized shares from 500 million to 50 billion to facilitate a future stock split, urging shareholders to vote by January 14 [2]. - Following Lee's proposal, Bitmine's share price increased by 15%, indicating investor confidence in the company's strategy, which includes opportunistic acquisitions and capital market activities such as convertibles and warrants [3]. Market Context - The cryptocurrency market has lost roughly $1 trillion in value since October, putting pressure on digital asset treasury firms like Bitmine [3]. - Many public firms that transitioned to digital asset treasury (DAT) models are now trading below their underlying asset values, raising concerns about their business viability [4]. Ethereum Holdings - Bitmine recently acquired an additional $1.4 billion in Ethereum, increasing its total holdings to over $12 billion [5]. - The company aims to increase its ownership of Ethereum's circulating supply from 3.4% to 5% [7]. Stock Split Rationale - A stock split is intended to lower the price of individual shares, making them more accessible to regular investors without altering the company's total market value [6]. - Lee anticipates that Bitmine's stock price will reach $5,000 per share when Ethereum hits $250,000, although no specific timeframe for these targets was provided [7].