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Ethereum co-founder Joseph Lubin believes ETH could surpass Bitcoin’s market capitalization within the next year, citing increasing adoption by corporate treasury buyers and a maturing ecosystem he calls “digital oil” for the decentralized economy.

Speaking to CNBC, Lubin described Ethereum’s current stage as its “broadband moment” — a point where scalability, usability, and legal clarity align to enable mainstream adoption. In the same network, Fundstrat co-founder Tom Lee shares this bullish outlook, identifying specific catalysts that could drive ETH from current levels to $30,000 or higher within the same timeframe.

Treasury Adoption and Institutional Momentum

“If Bitcoin’s worth $20 trillion, what’s the global economy sitting on Web3 rails supercharged by decentralized trust? We may see astonishing things in the next year or so, especially with treasury companies driving things,” Lubin said.

Lubin, who also chairs Sharplink Gaming, said companies are increasingly building Ethereum treasury funds, mirroring the approach Michael Saylor’s MicroStrategy took with Bitcoin. This movement, he argued, could accelerate Ethereum’s rise as a core reserve asset for both public and private institutions.

Tom Lee, co-founder of Fundstrat, echoed Lubin’s optimism. Lee likened Ethereum’s current trajectory to Bitcoin’s breakout in 2017, when BTC surged on the “digital gold” narrative. He identified three catalysts that could push ETH from $3,700 to $30,000 or higher: regulatory approval for stablecoins, US Securities and Exchange Commission initiatives to move finance on-chain, and major institutions such as JPMorgan and Robinhood building directly on Ethereum.

“Ethereum is where Wall Street meets crypto — and now also where AI meets tokenized economies,” Lee said, highlighting the convergence of decentralized finance, artificial intelligence, and tokenized infrastructure.

Lee also noted that Ethereum’s staking model provides a yield advantage over Bitcoin’s purely deflationary design. He estimated that BitMine, an Ethereum-focused treasury company modeled after MicroStrategy, could generate more than $100 million annually in net income from staking its $3 billion ETH holdings.

Market and Macro Tailwinds

Ethereum’s recent rally has returned co-founder Vitalik Buterin to the ranks of on-chain billionaires. According to Arkham Intelligence, Buterin now holds 240,042 ETH worth roughly $1.04 billion. ETH rose more than 6% on Saturday to $4,332, marking its first close above $4,000 since December.

Macro conditions also appear favorable. Morgan Stanley’s chief investment officer, Mike Wilson, recently declared the end of a three-year rolling recession and the start of a “raging bull cycle” for equities. Lee noted that Bitcoin has acted as a leading indicator for stock market moves, suggesting that increased risk appetite in equities could spill over into digital assets, boosting Ethereum’s valuation.

Lubin pointed to the recent passage of the Genius Act as another catalyst. The legislation provides legal clarity for stablecoins in the United States, making them more attractive for deployment on Ethereum’s smart contract infrastructure. This, combined with a decade of technical development, has positioned Ethereum for what he sees as mainstream integration into the global economy.

Closing the Gap With Bitcoin

At Bitcoin’s current market capitalization, Ethereum would need to trade near $20,000 to surpass BTC in total value. Some analysts, including Fundstrat’s Sean Ferrell, see a return to the ETH/BTC ratio of 0.14 — its 2021 peak — which would value ETH around $16,000 based on current Bitcoin prices.

Lubin dismissed concerns about so-called “Ethereum killers,” noting that while other platforms have launched with innovative features, none match Ethereum’s scale, developer talent, or maturity.

“There’s never been any other ecosystem as big, as talented, or as mature as Ethereum. Bitcoin’s a different special case, but Ethereum is the functional backbone of Web3,” Lubin said.

Institutional strategies are already aligning with that view. Sharplink Gaming, chaired by Lubin, aims to become the largest corporate holder of ETH, positioning itself as the “MicroStrategy of Ethereum.” This reflects a broader move by treasury-focused companies to treat Ethereum as a strategic reserve asset.

Lee believes that as Wall Street increasingly builds on Ethereum and the network becomes the preferred platform for tokenized assets, the gap between ETH and BTC could narrow rapidly. With Ethereum marking its 10th anniversary and expanding into both DeFi and enterprise applications, Lubin sees the coming year as pivotal — one in which the long-speculated “flippening” could become reality sooner than many expect.

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