Ethereum is now within striking distance of its all-time high, trading just 4% below the record. Fundstrat’s Tom Lee believes the rally is far from over.
According to Lee and Sean Farrell, Head of Digital Asset Research at Fundstrat, ETH could surge to $10,000 before the end of 2025. They added that extended momentum could even push ETH as high as $12,000 to $15,000.
Amid the ongoing Ethereum bull run, the altcoin king now boasts a year-to-date gain of 41%, trading at $4,694. This outpaces Bitcoin’s 30% gain since January.
Lee’s long-term bullish outlook is further supported by major structural changes in the financial sector. The recently passed GENIUS Act, which formalizes the use of stablecoins, along with the SEC’s Project Crypto, is accelerating Wall Street’s migration to blockchain infrastructure. Much of this is being built on Ethereum.
To the BitMine Chairman, this change is creating a multi-decade investment opportunity similar to the early days of the internet. “Wall Street is financializing on Ethereum,” Fundstrat’s analysis noted.
As a result, they expect Ethereum to reach a $1.8 trillion market cap, with a $15,000 price target by December 2025.
To gain exposure to ETH beyond direct purchase, Lee highlights ETH ETFs and Ethereum treasury stocks. These are companies and funds holding significant ETH reserves that could act as leveraged plays on price gains.
He listed Bitmine (BMNR), which holds more than 1.15 million ETH and ranks as the world’s largest ETH treasury. Other notable examples include The Ether Machine (DYNX) and Sharplink Gaming (SBET), with a combined ETH holding exceeding $4 billion.
Meanwhile, Lee notes that only 9% of fund managers currently hold crypto, compared to 48% who own gold, according to the latest BofA Fund Manager Survey. He believes this highlights just how early the adoption curve still is.
Fundstrat’s core investment basket now includes the “MAG7,” Bitcoin, and Ethereum. Lee remains confident that both the broader markets and crypto will reach record highs before the year ends.
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