Tom Lee Says Ethereum Could Reach $62,000 Here’s A Possible ETH/BTC Ratio
TLDR
Tom Lee has set a baseline ETH price of $12,000 using the 8-year average ETH/BTC ratio of 0.0479 with $250K BTC.
With a 2021 cycle peak ratio of 0.087, Lee projects Ethereum could trade at $250,000 with Bitcoin trading closer to $22,000.
Lee Bull's case would place ETH at $62,000 if the ETH/BTC ratio rises to 0.25, driven by institutional finance adoption.
BitMine holds more than 4.59 million ETH with a value of more than 10 billion dollars, which is 5% of the total supply of Ethereum, targeting the treasury strategy.
According to the prediction of Fundstrat co-founder Tom Lee, the price of Ethereum could go up to $62,000. His prediction draws on the historical ETH/BTC ratio with a Bitcoin price of $250,000.
Separately, BitMine has accumulated more than 4.5 million ETH as its main treasury. Combined with cash and other holdings, the company's total treasury now stands at about $11.5 billion.
Both developments are shaping the conversation around Ethereum's long-term institutional role in the crypto market.
Tom Lee's ETH/BTC ratio framework for Ethereum price
Tom Lee uses the long-term ETH/BTC ratio as the primary method for estimating Ethereum versus Bitcoin. Over the past eight years, that ratio has averaged about 0.0479.
At that average, Bitcoin is priced at $250,000, Ethereum at around $12,000. This initial issue reflects a return to historical norms rather than peak results.
Lee cited the 2021 bull cycle as the second price reference in his model. During that run, the ETH/BTC ratio reached approximately 0.087.
If Ethereum returns to that level at $250,000 in Bitcoin, ETH can sell for $22,000. That result reflects the highs of the previous major crypto cycle.
Lee's strongest scenario puts the ETH/BTC ratio at 0.25. This prediction predicts that Ethereum will become a major infrastructure for institutional finance and settlement on Wall Street.
In that bull case, ETH could reach $60,000 to $62,000. This stage marks the complete replacement of traditional financial rails by Ethereum.
As of writing, Ethereum is trading at $2,155.69, and Bitcoin is trading at $70,814.14. The current ETH/BTC ratio is below all three of Lee's target levels. For any of his predictions to be achieved, both properties must be significantly higher than this.
BitMine will build an Ethereum treasury with a target of 5% supply.
BitMine currently holds 4,595,562 ETH, which is roughly 3.81% of Ethereum's total circulating supply. At $2,185 per token, that position holds a market cap of over $10 billion. The company has set a goal of collecting around 5% of the total ETH.
Of the total holdings, approximately 3.04 million ETH is owned by the company's Maven program. This stock arrangement creates an annual yield on a large portion of BitMine's treasury.
As a result, the company will earn passive income as it continues to grow its total Ethereum space over time.
Beyond its stake in ETH, BitMine holds $1.2 billion in cash and smaller positions in other digital assets. With Ethereum holdings, the total treasury value is approximately $11.5 billion. That puts BitMine among the most ETH-focused treasury companies in the crypto space today.
BitMine initially operated as an immersion cooling and mining company before moving to this strategy in 2025.
The shift follows MicroStrategy's Bitcoin Treasury model, placing Ethereum at the center of the balance sheet.
This move shows that public companies are increasingly building digital asset holdings as a core financial strategy.
