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BitMine chairman Tom Lee has pinned Ethereum’s long-run upside to an express ratio framework and a “replacement-cost” lens on world cost rails. In his September 2 “Chairman’s Message,” the Fundstrat co-founder facilities the evaluation on the ETH/BTC cross and a year-end Bitcoin anchor of $250,000, utilizing a slide-based grid to translate ratio ranges into ETH spot targets—after which extends the calculus to a $62,500 situation if Wall Avenue’s settlement stack migrates to Ethereum.
Why Ethereum Might Soar To $62,500
“The 8-year common Ethereum to Bitcoin ratio is 0.04790 and it’s at the moment 0.0432, which means we’re under the long-term common. The all-time excessive on this ratio was 0.0873,” Lee says. “After all, it began off greater, however I’m speaking in regards to the 2021 all-time excessive. So, we expect that not solely ought to Ethereum recuperate to the long-term common, it ought to in all probability get to the all-time excessive ratio and arguably exceed it as we begin speaking about Ethereum appearing because the chain for each Wall Avenue to construct its cost rails and the monetary system in addition to AI.”
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He then walks by means of the core exhibit. “So, let’s take into consideration what meaning for value. I’ve a grid right here. On the left facet is Bitcoin value ranges after which going throughout are numerous ranges of the Ethereum to Bitcoin ratio. Our year-end goal—that is from the Fundstrat facet—for Bitcoin is $250,000. And when you take a look at the common, okay, then you’ll be able to see the vary of costs for Ethereum utilizing this ratio and totally different ranges of Bitcoin. And right here’s the 2021 excessive. And as you’ll be able to see, at a $250,000 Bitcoin, you get to someplace between $12,000 and $22,000 worth per Ethereum token.”
The slide reveals: if BTC runs to $250K and ETH simply trades on the common ratio, it implies ~$12,000; if ETH recovers its 2021 ratio excessive of ~0.087, that jumps nearer to ~$22,000. “However that’s only a ratio restoration,” Lee continues. “In the event you take a look at the alternative value of cost rails and the banking system, that will get you to an implied worth of Ethereum of round $60,000. And that places the ratio at roughly 0.250 Ethereum to Bitcoin ratio. And as you’ll be able to see, that’s the way you get to $62,500 per Ethereum token. So loads of upside.”
Lee frames this ratio-first math inside a broader structural thesis that Ethereum is getting into a “1971 second” for finance, as real-world belongings are synthesized into on-chain devices and stablecoins broaden as digital base cash. The near-term numerical anchor is the 0.0432 ETH/BTC print sitting under the 0.04790 eight-year imply; the medium-term goal is a reversion towards, and probably past, the 2021 excessive he cites. The grid interprets these waypoints into discrete ETH costs at a set Bitcoin reference, which is why Lee emphasizes each variables in tandem slightly than an ETH-only trajectory.
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Past the grid, Lee argues that Ethereum captures the best share of tokenized monetary exercise and that its proof-of-stake economics align with how regulated establishments pay for safety and uptime at this time. In his telling, banks and market operators already fund siloed infrastructure stacks; staking ETH to safe frequent rails might substitute that spend whereas returning a local yield, an incentive he says pushes the ETH/BTC ratio greater as danger capital and money flows migrate.
That is additionally the place the “replacement-cost” view feeds into the $62,500 consequence: if Ethereum turns into the settlement substrate for cost networks, tokenized credit score and fairness, and AI-linked knowledge rights, the market ought to value ETH on the worth of the rails it replaces slightly than solely on historic multiples or cycle heuristics.
The message additionally situates BitMine’s company blueprint inside that macro arc. Lee describes BitMine as an Ethereum treasury enterprise constructed to compound ETH per share by means of 5 levers—fairness issued above NAV, equity-linked volatility monetization, working money flows, staking rewards, and M&A for treasuries close to NAV—arguing that proof-of-stake turns an ETH steadiness sheet into an income-producing infrastructure asset.
Lee’s math makes the dependencies express: a Bitcoin anchor round $250,000 and an ETH/BTC advance first to the long-term common (~0.048), then towards the 2021 peak (~0.0873), and, within the replacement-cost situation, to ~0.25. The primary two steps suggest ~$12,000–$22,000 ETH on his grid; the third defines the $62,500 “skyrocket” case tied to financial-plumbing migration and AI-era settlement on Ethereum. As he places it: “That’s the way you get to $62,500 per Ethereum token.”
At press time, ETH traded at $4,377.
Featured picture created with DALL.E, chart from TradingView.com
