Tom Lee: BitMine Stock Correlates 80% with ETH, ETH to Outperform BTC This Cycle

Lee's correlation claim recasts BitMine as a de facto ETH proxy, which matters for holders who thought they owned a mining or infrastructure play rather than leveraged ether beta. The ETF reference frames the next catalyst as regulatory rather than on-chain, so the gap between ETH and BTC may hinge on approval timelines and flows rather than fundamentals. Whether that correlation holds through an ETF decision, and whether BitMine's equity behaves like ETH or like its own business, is the open question.