Tom Lee, chairman of Bitmine Immersion Technologies, which controls 4.9% of the world's Ethereum supply, believes traditional U.S. small-cap stocks are significantly undervalued. He views the Russell 2000 index as a "coiled spring" in October 2026, noting short positions against Russell 2000 companies have surged to a historic 99.8th percentile.

Lee's firm Fundstrat forecasts that softer U.S. labor market data will ease hawkish pressure from the Federal Reserve, leading to 10-year Treasury yields falling below 5% and restarting risk-on mode. This freed-up liquidity is expected to flow first into Russell 2000 stocks, then inevitably into low-cap crypto assets and undervalued altcoins. Fundstrat maintains its annual S&P 500 target of 8,200–8,400 points, citing strong business fundamentals and Q3 EPS growth approaching 30%.