Tom Lee’s Bitmine Buys Another $19 Million in Ethereum as Stash Nears 5% of Total Supply

Tom Lee: US stocks are expected to strengthen in July, with the S&P 500 potentially reaching 8,000 points this year.

According to BlockBeats, on July 6th, Tom Lee, Chairman of BitMine, Ethereum's largest financial institution, stated in an interview with CNBC that he expects US stocks to perform stronger in July because market valuations are more reasonable than before, and investor sentiment is not overly bullish. July marks the start of the second-quarter earnings season, and first-quarter corporate earnings significantly exceeded expectations. Currently, the market's price-to-earnings ratio is about 1.1 percentage points lower than in January, and he expects second-quarter earnings to again exceed expectations, further lowering market valuations and leaving room for price-to-earnings ratio expansion. Therefore, he believes July will be a stronger month for stocks. Regarding whether the S&P 500 can reach 8000 points this year, Tom Lee stated that this goal is achievable. He stated that 8000 points roughly corresponds to $400 in earnings per share in 2026, or a price-to-earnings ratio (P/E ratio) of approximately 20. He believes this earnings forecast is low, and the P/E ratio could reach 22 or higher, implying an upside potential of 8400 to 8800 points by the end of the year. However, Tom Lee also indicated that the market may experience a correction that "feels like a bear market" between now and the end of the year, likely between August and October, rather than in July. Many fund managers have underperformed their benchmarks this year; currently, only 23% of fund managers have outperformed the broad-based growth stock index, the lowest level in nearly five years. Therefore, there may be significant buying demand in July. Tom Lee added that while the decline from February to April this year was only about 7%, it already gave a bear market-like feeling; later in the year, factors such as the Fed's new framework and the gradual unlocking of SpaceX shares may test the market.