Bitmine Surpasses 6M ETH, Raising Questions About Tom Lee's $250K Price Scenario

Tom Lee's Bitmine has accumulated an astonishing 6 million Ethereum (ETH), equating to approximately 4.9% of the current supply, according to a recent update.

This extraordinary milestone puts into perspective what the token's biggest bulls are saying: what would its treasury be worth under the $250,000 Ethereum scenario Lee discussed with investors in July?

Lee explicitly declined to adopt this price as his own forecast at the time but used it in a slide illustrating the potential value of Bitmine's shares if ETH were to reach such heights.

The scenario is based on Etherealize's research, which estimated that gold and Bitcoin hold a combined monetary premium of about $31 trillion. The study proposed that Ethereum could eventually capture this value, with a price above $250,000 calculated by dividing this sum across the ETH supply.

Using Bitmine's newly disclosed holdings, 6 million Ethereum multiplied by $250,000 equals an astonishing $1.5 trillion.