BitMine Immersion Technologies, the largest corporate holder of Ethereum (ETH), asserted in a July 28 statement that ETH's "implied value" could reach $60,000—far above its current ~$3,800 price—after consulting research firms assessing the blockchain's "replacement value." The company also referenced long-term models projecting ETH at $700,000, citing Ethereum's role in stablecoins (60%+ issued on ETH) and institutional adoption. BitMine revealed it accumulated $2.7 billion worth of ETH (600,000 coins) in 18 days, aiming to own 5% of ETH's total supply and build a U.S.-based validator network.
Despite this bullish stance, BitMine's stock (BMNR) plunged over 25% on July 29. Shares fell to $35 during trading hours and dropped another 15% after-hours, erasing gains from a July 3 peak of $135—a 3,000% surge following its initial ETH strategy announcement. Analysts attributed the sell-off to profit-taking and skepticism over unnamed research sources for the $60,000 target. Kronos Research CIO Vincent Liu warned execution risks, including unclear custody/staking infrastructure, could amplify volatility.
Other firms are mirroring BitMine's strategy: SharpLink Gaming holds 438,000 ETH, Bit Digital owns 100,000+, and Blockchain Technology Consensus Solutions increased its stake to 29,122 ETH. Finality Capital's David Grider likened the trend to MicroStrategy's Bitcoin accumulation, noting it may boost ETH's price long-term.