Fundstrat co-founder Tom Lee said the long-anticipated capital rotation into Ethereum is already beginning to take shape across markets. In a statement shared on Fundstrat's official X account on August 23, Lee described the setup as "nearly a decade in the making," arguing that Ethereum's expanding role in financial infrastructure is the core of his rotation thesis rather than a short-term price move.
Lee said Ethereum could reach $10,000 within the next one to two years if it increasingly becomes a settlement layer for future financial activity. He also views ETH as undervalued relative to Bitcoin based partly on their historical valuation relationship. According to Lee, restoring that relationship could create substantial upside for ETH without necessarily weakening Bitcoin's broader market position.
Beyond direct token ownership, Lee argued that well-structured digital-asset treasury companies could outperform the underlying cryptocurrency. That view is tied to BitMine, where Lee serves as chairman. BitMine launched its Ethereum treasury strategy through a $250 million private placement in July 2025 and had accumulated more than 163,000 ETH by July 14, 2026.
Lee's $10,000 projection is more conservative than his June estimate, which suggested Ethereum could reach $250,000 under strong institutional adoption across sectors including payments and regulated settlement. The latest outlook follows Ethereum's 32% recovery and rising South Korean trading volumes, but Lee noted that the next test is whether the emerging rotation develops into sustained institutional and market demand for ETH. Competition, regulatory changes, and weaker speculative demand could still influence Ethereum's valuation.
