Will Institutions Buy Crypto After Ethereum's Q3 Run? Tom Lee Thinks So

BitMine Immersion Technologies chairman Tom Lee expects institutions to buy crypto after a strong quarter so far. The firm holds 5.9 million Ethereum (ETH) tokens that sit far below their purchase cost.

The company valued its combined crypto, cash, and equity holdings at $15.7 billion on September 7. Lee Points to a Quarter Crypto Led In the firm’s weekly update, Lee said ETH has been the best-performing macro asset during the quarter.

He put its lead over the S&P 500 at 5,430 basis points through last Friday. ETH, Bitcoin (BTC), and Solana (SOL) rank as the top three assets since June 30. He tied that run directly to institutional demand.

“We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in calendar Q3 so far,” Lee said. The statement came alongside a buying update.