Woofun AI reports that Tom Lee, chairman of BitMine, stated Ethereum is entering the "ETH 2.0" phase with a long-term price target of $250,000. He drew parallels to valuation transitions seen in Amazon, NVIDIA, and JPMorgan, asserting that market sentiment has bottomed and Ethereum addresses the "wealth valley of despair."

Lee disclosed that BitMine holds 5.74 million ETH, representing 4.8% of the total supply, with plans to increase holdings to 5%. The firm acts as a lead investor in EthLabs and Ethereum Institutional, entities focused on accelerating the "institutional supercycle" and blockchain finance adoption.