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Tom Lee: ETH’s long-term target price is looking at $250k, and it is entering the ETH 2.0 phase
Tom Lee revealed that BitMine has supported two split organizations of the Ethereum Foundation as the lead investor: EthLabs, founded by former Ethereum Foundation contributors, and the independent non-profit Ethereum Institutional. Both focus on accelerating Ethereum’s “institutional super cycle” and pushing large-scale institutional finance onto the chain, respectively.
Tom Lee said that BitMine currently holds 5.74 million ETH (4.8% of ETH supply). Future goals include: slowing the pace, gradually increasing holdings to 5% of ETH supply, continuing to fund Ethereum Foundation spin-off projects and “public goods,” and investing in financial services and crypto unicorns, while strengthening the Ethereum ecosystem.