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Fundstrat investment chief Tom Lee has reiterated his prediction that Ethereum could hit $250,000 in the near future.

“If Bitcoin gets to $1 Million, that will value Ethereum at $250,000,” Lee, who also doubles as chair of Ethereum treasury company Bitmine (NYSE:BMNR), said in a Jan. 2 message to shareholders. He was urging them to vote for the expansion of authorized shares from 500 million to 50 billion.

Lee said the main reason for the proposed expansion was to enable future share splits. He said these splits would be necessary as he expects Bitmine’s stock to surge in tandem with Ethereum prices.

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Lee said Bitmine’s stock would reach $5,000 if Ethereum hit $250,000, adding that new investors typically preferred share prices around $25. This necessitates a future share split of at least 1:100, he said.

Voting on the expansion of Bitmine’s authorized shares is scheduled to end on Jan. 14.

Lee based his $250,000 ETH call on the Ethereum to Bitcoin price ratio average over eight years. He also cited the growing tokenization wave on Wall Street, referencing remarks from BlackRock (NYSE:BLK) CEO Larry Fink last month that tokenization was “the next major update in market infrastructure.”

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“The good news is most of this is taking place on Ethereum,” Lee said, citing a graphic showing that companies such as BlackRock, JPMorgan Chase (NYSE:JPM), Fidelity, Visa (NYSE:V) and Robinhood (NASDAQ:HOOD) have deployed funds or assets on the network.

“Look at the number of Wall Street institutions building on Ethereum,” he continued. “And look at the total value locked.”

Ethereum was most recently trading around $3,200, meaning Lee’s $250,000 target would require a nearly 8,000% price surge.

Lee predicted that ETH would reach $15,000 last year.

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This article 'If Bitcoin Gets To $1 Million, That Will Value Ethereum At $250,000': Tom Lee Resurrects Ambitious ETH Call Amid Major Bitmine Shareholder Vote originally appeared on Benzinga.com

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