BitMine says Ethereum ‘implied value’ is $60,000 amid race to own 5% of total ETH supply

BitMine, the largest corporate holder of Ethereum (ETH), believes the asset’s fair value could be as high as $60,000, far above its current market price of around $3,800.

In a July 28 post on X, BitMine also noted that some long-term models place ETH’s potential value at more than $700,000.

[Editor’s Note: At $700,000, Ethereum’s market cap would be $84 trillion. By comparison, if Bitcoin reaches $1 million, its market cap would be around $20 trillion. Gold’s market cap is currently around $15 trillion.]

Why ETH’s price would surge

The company revealed that this estimate was derived after consulting multiple research firms to assess Ethereum’s “replacement value,” the theoretical cost of rebuilding or replacing the utility ETH provides.

BitMine claims this value reflects growing institutional recognition of Ethereum as a major macro asset for the coming decade.

The company further argued that the rapid expansion of stablecoins could mark a turning point for Ethereum’s adoption, likening their rise to the breakthrough moment ChatGPT created for artificial intelligence.

BitMine also cited US Commerce Secretary Scott Bessent’s projection that the stablecoin market could exceed $4 trillion, over ten times its current size, as a strong signal of Ethereum’s long-term potential.

With more than 60% of stablecoins issued on Ethereum and Wall Street increasingly exploring tokenized assets, the network is positioning itself as the backbone of future digital finance.

BitMine’s Ethereum plan

Considering this, BitMine stated that it is not just buying ETH but also building an ecosystem around the digital asset.

According to the firm, it intends to become to Ethereum what Strategy (formerly MicroStrategy) is to Bitcoin by acquiring 5% of its circulating supply.

BitMine pointed out that it is well on the way to achieving that milestone as its ETH exposure reached $2.7 billion within 18 days, which is well ahead of the time it took MicroStrategy to reach that level of Bitcoin exposure.

Meanwhile, the company also framed its Ethereum treasury strategy as a form of infrastructure rather than merely holding a financial asset.

According to BitMine, staking ETH secures the network, generates yield, and aligns firms with Ethereum’s long-term success. Additionally, as Wall Street moves closer to on-chain finance, BitMine sees ETH not just as a speculative play but as a foundational layer for future institutional systems.

To achieve its goal, the firm plans to develop a US-based validator network, contribute to Ethereum governance, and invest in on-chain projects that strengthen the network.

The company’s Ethereum accumulation has already made waves in traditional markets. According to Google Finance data, BitMine’s stock (BMNR) surged from $4.26 in June to a peak of $107.48 on July 7. It now trades around $35.11. Its net asset value per share also spiked from $4 on July 8 to $23 by July 27, a sixfold jump in under three weeks.

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