cryptopotato.com
Ether prices have skyrocketed 150% since their April lows below $1,500 to come just shy of $4,000 this week.
The massive move has been driven by institutional exchange-traded products and a new wave of treasury companies scooping up the asset, and one of those firms thinks $ETH is extremely undervalued.
Tom Lee’s $ETH treasury firm Bitmine Immersion Technologies has posted its first presentation titled “The Alchemy of 5%” on Monday, and in it are some wild predictions.
$ETH Valuation at $60K
“Many on Wall Street say Ethereum is the ‘biggest macro trade over the next decade’,” the firm stated.
It cited Lee’s comment that stablecoins were a “ChatGPT moment” for crypto, US Treasury Secretary Scott Bessent’s prediction that stablecoin market capitalization will see a tenfold increase, 60% of them are on Ethereum, and Wall Street is tokenizing assets onto Ethereum.
Bitmine stated that it asked several research firms to assign a “replacement” value to Wall Street for $ETH, and they reported an implied value of $60,000 per unit.
Several research firms estimate $ETH to reach $60,000 per token
– $ETH is $3,800 now
Tom Lee @fundstrat, gentleman and scholar , is Chairman of Bitmine $BMNR https://t.co/Bm05TFHToQ
— Bitmine BMNR (@BitMNR) July 28, 2025
According to a report from industry experts in June, asserting that $ETH is digital oil, its long-term value could reach $700,000 with an $85 trillion market capitalization.
Bitmine also said that its net asset value per share has skyrocketed six times over the past 18 days due to its accumulation of $ETH. The firm’s share (BMNR) price has surged 724% since it announced its pivot to Ethereum at the end of June.
Bitmine is the largest corporate Ethereum treasury firm in the world, with 566,800 $ETH worth around $2.12 billion at current market prices. The firm holds 0.47% of the entire supply of the asset and has accumulated more than has been produced this month.
“Bitmine wants to be the MicroStrategy of Ethereum,” the firm concluded.
$ETH Price Retreats
Despite those lofty price valuations, Ether has retreated today as crypto markets cool off again.
$ETH has dipped 2.5% on the day to trade at $3,780 at the time of writing, having failed to reach the psychological $4,000 level on Monday.
The asset is holding steady and starting to consolidate above $3,500, where it has been for almost a fortnight, and sustained buying pressure from ETFs and corporations can only mean one direction for Ether prices.