Tom Lee: Ethereum Could Hit $12,000; Bitmine’s Losses Mount

Tom Lee projected at the Consensus 2026 conference in Miami that Ethereum could reach $12,000 by the end of 2026. He also set year-end targets of $150,000 to $200,000 for Bitcoin and $9,000 to $12,000 for Ethereum.

In his keynote, Lee described the start of a market upswing: “Crypto Spring, in our view, has commenced, and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen.” He noted in March 2026 that widespread retail exit was a sign of market bottom: “You know you’re at the end when people give up on Bitcoin.”

Lee serves as chairman of Bitmine Immersion Technologies, which has accumulated a large Ethereum position. As of May 2026 the company reported holding 5,180,131 ETH, a position valued at roughly $12.07 billion based on market prices at that time. The company built the stake in under a year, acquiring more than 100,000 ETH per week and buying tranches that cost about $230 million each.

Bitmine’s disclosed average acquisition price for ETH is about $2,206 per token. Ethereum traded near $2,328 on May 9, 2026. In its latest quarterly filing, Bitmine reported roughly $3.78 billion in unrealized losses tied to the ETH position. Outside estimates indicate the portfolio was down by as much as $6.3 billion at one point during the accumulation.

Lee’s price targets require large percentage gains from current levels. For Ethereum to reach $12,000 from around $2,300 would require a gain of more than 400 percent. His top Bitcoin target of $200,000 would require roughly doubling from levels near $80,700.

Some market figures pushed back on Lee’s outlook. Mining executive and investor Frank Giustra posted on social media that he found the forecasts “embarrassing to watch.”

Lee linked his bullish outlook to the company’s accumulation strategy and to his view that the prolonged market downturn has ended. Bitmine’s concentrated ETH position and the company’s reported unrealized losses have drawn attention from investors and analysts as the cryptocurrency market moves through 2026.