Bitmine, the largest corporate holder of Ethereum (ETH), believes the fair value of the asset could reach $60,000. The current market price is around $3,800.
In a July 28th post on X, Bitmine also noted that some long-term models will have the potential value of ETH above $700,000.
(Editor’s note: At $700,000, Ethereum’s market capitalization is $84 trillion. By comparison, if Bitcoin reaches $1 million, its market capitalization is about $20 trillion. Gold’s market capitalization is currently about $15 trillion.)
Why ETH prices are rising sharply
The company revealed that the estimate was derived after consulting with several research companies to assess the “exchange value” of Ethereum.
Bitmine argues that this value reflects the growing institutional perception of Ethereum as a major macro asset over the next decade.
The company further argued that the rapid expansion of stubcoin could mark a turning point in Ethereum adoption, comparing their rise to the groundbreaking moments of chat Gpt created for artificial intelligence.
Bitmine also cited the US Secretary of Commerce forecast that the Stablecoin market could exceed $4 trillion, more than 10 times its current size, as a strong signal of Ethereum’s long-term potential.
With over 60% of Stablecoins issued on Ethereum and Wall Street increasingly exploring tokenized assets, the network is positioned as the backbone of future digital finance.
Bitmine’s Ethereum Plan
With this in mind, Bitmine said it’s not only about buying ETH, but also about building an ecosystem around digital assets.
According to the company, it intends to make Ethereum what strategy (previously micro-strategy) will become by acquiring 5% of its distribution supply.
Bitmine pointed out that its ETH exposure reached $2.7 billion within 18 days, and is on the way to achieve that milestone.
Meanwhile, the company has also framed its Ethereum financial strategy as a form of infrastructure, rather than simply holding financial assets.
According to Bitmine, Staking ETH secures a network, generates yields and is consistent with Ethereum’s long-term success. Furthermore, as Wall Street approaches on-chain finance, Bitmine sees ETH not only as a speculative play, but as a fundamental layer of future institutional systems.
To achieve that goal, the company plans to develop a US-based validator network, contribute to Ethereum governance and invest in chain projects that will strengthen the network.
The company’s Ethereum accumulation has already caused waves in traditional markets. Bitmine’s stock (BMNR) surged from $4.26 in June to a peak of $107.48 on July 7, according to Google Finance data. It currently costs around $35.11. Additionally, net asset value per share surged from $4 on July 8th to $23 on July 27th.