- Tom Lee believes Ethereum may hit $30K if firms mimic MicroStrategy’s Bitcoin treasury technique utilizing fairness and debt to build up ETH.
- Companies like BitMine, SharpLink, and Bit Digital have already scooped up over 682,000 ETH, with billions extra lined as much as pour in.
- A reflexive loop between rising share costs and ETH accumulation may quickly speed up ETH’s value discovery.
Tom Lee went all in yesterday—six posts deep on X—laying out why Ethereum (yep, ETH) may hit $30,000 if firms begin treating it like MicroStrategy handled Bitcoin. He mainly says, hey, the worth doesn’t want wild hypothesis to get there… simply chilly, balance-sheet math.
His concept? MicroStrategy’s loopy 35x inventory run—from $13 to $455 since August 2020—wasn’t all about Bitcoin’s rise. Positive, BTC climbed from $11K to $118K in that stretch, however in accordance with Lee, solely a 3rd of that acquire got here from Bitcoin itself. The remaining? It was what he calls “treasury technique”—taking up debt, issuing inventory, and stacking BTC quicker than the worth was transferring.
ETH Has the Volatility Edge
Lee argues ETH is likely to be even higher suited to that playbook. He factors to 3 strikes: issuing new shares above web asset worth to scoop up extra ETH, utilizing token volatility to deliver down borrowing prices, and packaging all of it neatly with convertibles or most popular shares to restrict shareholder dilution. And since Ethereum continues to be extra unstable than Bitcoin (in a great way, right here), it may make these monetary gymnastics even cheaper to drag off.
Oh, and Lee didn’t simply theorize. He posted a chart too—displaying that BitMine Immersion Applied sciences, which he chairs, purchased extra ETH in its first week ($1B value!) than MicroStrategy purchased in its first week of Bitcoin shopping for again in 2020. That’s a flex.
ETH Treasuries Are Already Stacking Quick
Let’s discuss numbers. BitMine, per a July 17 submitting, now holds over 300,000 ETH—simply north of $1B on the time. They lately closed a $250M personal placement and are gunning to accumulate 5% of Ethereum’s whole provide. That’s… not small.
Then there’s SharpLink Gaming. Chaired by ETH co-founder Joseph Lubin, they upped their SEC shelf registration from $1B to $6B. The objective? Extra ETH. Between July 7–11, they raised $413M and have already got 280,706 ETH staked and sitting tight.
And rounding out the trio, Bit Digital. They dumped 280 BTC and offered $172M in inventory, now holding 100,603 ETH. CEO Sam Tabar says they wanna be the ETH treasury king. Interval.
Altogether, the three firms now management about 682,000 ETH. That’s roughly 0.5% of the whole circulating provide—and all three have the inexperienced gentle to maintain printing fairness or debt to seize extra.
Reflexive Loops and Ridiculous Numbers
Lee’s entire level is that this technique creates a suggestions loop: larger share costs = cheaper capital = extra ETH per share = much more demand. It hastens value discovery, he says. And it compresses time.
Crypto analyst DCInvestor chimed in, summing it up like this: “Tom Lee mainly calling for like $30-80K ETH. And a few of you suppose we’re gonna cease $1-2K after final cycle’s all-time excessive.”
Proper now, ETH trades round $3,600. If it jumped to $30K, that’s an 8x transfer—satirically, about the identical as Bitcoin’s run from MicroStrategy’s first purchase to BTC’s 2021 peak. The distinction? MSTR took years. ETH treasuries are already transferring billions—in weeks.
So yeah. It’s early. But when this playbook repeats, the numbers may not be as wild as they sound.