Tom Lee backs tokenization and AI for ETH as Bitmine nears 5% of supply

He made this claim as his company, Bitmine Immersion Technologies (NYSE: BMNR), disclosed the purchase of 28,086 ETH to reach 4.9% of ETH’s supply. The claim lands as a signal for institutions looking to pick between ETH and BTC, and it comes amid the recent climb of the ETH/BTC ratio from its multi-year lows.

Why Lee connected ETH’s coming growth to tokenization and AI agents

Tokenization, which is the movement of assets like Treasuries, equities, and real estate onto a blockchain, is the first key. Ethereum currently holds over $12 billion in tokenized U.S. Treasury products, and Lee sees this as proof that the network is more of a settlement and collateral layer than just a speculative chip.

Agentic AI is the second key. Agentic AI is an autonomous system, and Lee believes that they will soon need to move money and settle transactions on their own. Ethereum’s smart contracts can do so while the network stores the record. 

He said Ether is in the same position as the U.S. dollar, valuable because lots of developers, applications, and liquidity already depend on it. Lee maintains that Ethereum will become like the U.S dollar for the exact reason, in the next five years.  

Bitmine’s purchase takes it to 5.93 million ETH 

Bitmine put its money where its mouth is, again. The firm announced the purchase of 28,086 ETH, reaching 5,929,198 tokens as of September 7. The stash is worth approximately $14.8 billion at $2,495 per. This means Bitmine has 4.9% of Ethereum’s 122 million token supply in its coffers. The firm is close to the 5% mark, Lee called the “Alchemy of 5%.”

Around 85% of the total is staked through Bitmine’s MAVAN platform and partners. The company also projects $330 million in annual staking revenue at a 2.61% seven-day yield. 

Besides ETH, Bitmine also listed $91 million in Eightco Holdings, a $180 million stake in Beast Industries, 211 Bitcoin, and $593 million in cash and marketable securities, as $15.7 billion in total assets. 

The $6,000 target and a lagging ETH/BTC ratio 

Lee’s argument is predicated on the hope that Ether gains value against Bitcoin. The ETH/BTC ratio has jumped to 0.02994, way below its previous high of ~0.08 in 2021. There are four catalysts Lee hopes to see by the end of the year: 

• Passage of the CLARITY Act
• Sidelined capital returning
• Asian investors rotating into crypto
• Institutions chasing performance

If Bitcoin hits $150,000 and the ETH/BTC ratio rises to 0.04, Lee sees Ether priced at $6,000. 

Lee stated that Ether outperformed the S&P 500 by 5,430 basis points in Q3 through September 4 and that “the top 3 performing assets since June 30 are ETH, BTC and SOL.” 

The present reality is completely different from Lee’s projections. Ether traded at $2,471.92 on Tuesday, down 1.39%, and Bitmine shares closed at $24.97 on Friday, a 5.6% drop-off.