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# Bitmine Chairman Ties Share Price To Ether Targets: $1,200 To $1,500 If ETH Reaches $62,000
- URL: https://www.bullished.co/bitmine-chairman-ties-share-price-to-ether-targets-1-200-to-1-500-if-eth-reaches-62-000-7c1ee428/
- Published: 2026-10-07T13:05:48.000Z
- Updated: 2026-10-07T14:51:29.000Z
- Description: Tom Lee's Wednesday presentation, furnished in an 8-K, says Bitmine is about 100,000 ETH short of its 5% supply goal.
- Author: Matteo Parrino
- Tags: SEC Filings, BMNR, Industry: Technology

Bitmine Chairman Tom Lee told viewers that [Bitmine](https://www.bullished.co/tag/bmnr/) shares would be worth [$1,200 to $1,500](https://www.sec.gov/Archives/edgar/data/0001829311/000149315226046088/ex99-2.htm?ref=bullished.co) if Ether reached $62,000, according to a video transcript attached to an [8-K](https://www.sec.gov/Archives/edgar/data/0001829311/000149315226046088/form8-k.htm?ref=bullished.co) filed Wednesday. The shares traded at $24.87 in Wednesday pre-market trading, about 5% below Tuesday's close of $26.20, according to market data.

## What the filing says

The 8-K is a Regulation FD disclosure, a filing that gives all investors the same information at once. It attaches a presentation Lee gave at the Token2049 conference in Singapore, a transcript of the video and a press release. The company says the material is not "filed" for liability purposes under the Exchange Act.

The [transcript](https://www.sec.gov/Archives/edgar/data/0001829311/000149315226046088/ex99-2.htm?ref=bullished.co) is titled "The Crypto Bull Market Is Underway and the Cycle Is Likely to Be the Largest." Lee said Bitmine is 90% correlated to Ether. At $22,000 a coin, he said, shares would be worth $300 to $500\. At $62,000, they would be worth $1,200 to $1,500.

Asked whether tokenization and agentic AI could drive a 25x move in Ether, Lee answered "Probably." He noted Ether's earlier breakouts of 227x in 2016 and 54x in 2019-2020, and said Bitmine's shares were then at $26.

## The bull-market case

Lee said institutions such as Franklin Templeton and Fidelity are calling a bull market, and that [Bitcoin moved above its 200-day moving average](https://www.benzinga.com/crypto/cryptocurrency/26/10/62118618/tom-lee-bmnr-ai-crypto?ref=bullished.co) on August 19th. He said Ether outperformed the S&P by 6,500 basis points in the third quarter.

His central argument is tokenization. He put total liquid assets at about $200 trillion, with stocks, bonds and credit at $160 trillion. If 10% moved on-chain, he said, that creates a $16 trillion market.

He also cited inheritance, saying as much as $1.5 to $2 trillion could pass to younger investors in the coming cycle, versus about $450 billion in 2019-2021\. He said Ether treasury companies together hold $21 billion of Ether and that only four trade above net asset value, Bitmine among them.

## Holdings, buybacks and the preferred

Lee said Bitmine holds almost 6 million ETH and needs about 100,000 more to reach its goal of 5% of Ether's supply. He described the company as "done stacking" as a bull market begins. The 5% goal was [previously reported](https://www.sec.gov/Archives/edgar/data/0001829311/000149315226039789/form8-k.htm?ref=bullished.co) in an August 8-K.

He said Bitmine bought back 21 million shares for $350 million between July 14 and August 17\. Its perpetual preferred stock, BMNP, was "currently $99" against an $80 issue price, and he put its cost of funds at 9.56%.

Lee has made a similar bull-market case [elsewhere](https://www.benzinga.com/crypto/cryptocurrency/26/10/62118618/tom-lee-bmnr-ai-crypto?ref=bullished.co), including at Korea Blockchain Week on Sept. 30; the figure to track is the roughly 100,000 ETH gap to Bitmine's 5% target.

### Sources

- [8-K Filing — BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR)](https://www.sec.gov/Archives/edgar/data/0001829311/000149315226046088/form8-k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ex99-2.htm — BITMINE IMMERSION TECHNOLOGIES, INC. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001829311/000149315226046088/ex99-2.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ex99-3.htm — BITMINE IMMERSION TECHNOLOGIES, INC. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001829311/000149315226046088/ex99-3.htm?ref=bullished.co) — SEC EDGAR
- [8-K filed 2026-08-24 — BITMINE IMMERSION TECHNOLOGIES, INC. (earlier disclosure)](https://www.sec.gov/Archives/edgar/data/0001829311/000149315226039789/form8-k.htm?ref=bullished.co) — SEC EDGAR
- [Tom Lee’s Crypto Bull Case Gets an AI Twist as BitMine Stock Flashes a Golden Cross](https://www.benzinga.com/crypto/cryptocurrency/26/10/62118618/tom-lee-bmnr-ai-crypto?ref=bullished.co) — benzinga.com

### More on BitMine Immersion

- [Bitmine Holds 4.9% Of All Ether, Says It Is 99% Of The Way To Its 5% Goal](https://www.bullished.co/bitmine-holds-4-9-of-all-ether-says-it-is-99-of-the-way-to-its-5-goal-6999ba3d/)
- [BitMine's Tom Lee Makes AI-Driven Bull Case For Crypto At Korea Blockchain Week](https://www.bullished.co/bitmines-tom-lee-makes-ai-driven-bull-case-for-crypto-at-korea-blockchain-week-868417d5/)

[All BitMine Immersion (BMNR) coverage →](https://www.bullished.co/tag/bmnr/)