BitMine Immersion Technologies shares rose 14% to $26.27 on Thursday as Ethereum gained 3.51% to $2,475.86, alongside advances of 1.03% for the Nasdaq and 0.90% for the S&P 500. The company has accumulated more than $14 billion worth of ETH and aims to hold 5% of Ethereum’s total supply. It has also authorized up to $4 billion in stock buybacks and repurchased nearly 20 million shares while trading below $15. BitMine Chairman Tom Lee, who is also Fundstrat Global Advisors co-founder and head of research, described Ethereum as vastly undervalued during an Aug. 28 appearance on the Milk Road Show. He called Ethereum’s move to $2,500 a course correction and pointed to tokenization (converting assets into blockchain-based tokens) and AI agents as fundamental drivers. Lee said traditional financial infrastructure was designed for human activity rather than instant micro-transactions. He projected Ethereum near $6,000 if Bitcoin reaches $150,000 and the ETH/BTC ratio returns to 0.04. Robinhood Markets CEO Vlad Tenev has cited a potential tokenization supercycle, which Lee said could expand the addressable market for non-traditional financial assets to $500 trillion. Bitcoin advocate Mike Alfred said Bitcoin holding above $76,000 reflected shifting market structures and said he could see Bitcoin at $300,000 and Ethereum at $10,000 or more. Alfred also said BitMine and Strive could outperform the underlying digital assets during market expansions. Technically, BMNR traded above its 20-day, 50-day and 200-day simple moving averages, although the 50-day average remains below the 200-day average after a January death cross. Key resistance stood at $27 and support at $24.50.