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

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.