Crypto

BitMine Retreats Amid Ethereum Pullback, Analysts Remain Bullish on $6,000 Target

Guavy AI Editorial Team Published September 5, 2026

Instruments

BTC ETH

BitMine Immersion Technologies Inc. (NYSE:BMNR) shares retreated nearly 5% in premarket trading on Friday, a breather after Thursday's 14.7% surge.

The decline came as Ethereum (CRYPTO: ETH) slipped 2.33% over the prior 24 hours to $2,449.94.

Despite this pullback, analysts remain bullish on BitMine and Ethereum's long-term prospects, citing growth drivers such as tokenization and AI agents.

Tom Lee, co-founder of Fundstrat Global Advisors and chairman of BitMine, has described Ethereum as 'vastly undervalued' and sees it potentially trading near $6,000 if Bitcoin (CRYPTO: BTC) reaches $150,000 and the ETH-to-BTC ratio returns to 0.04.

Lee's optimistic views have been echoed by other industry experts, including Robinhood Markets Inc. CEO Vlad Tenev, who sees a potential 'tokenization supercycle' expanding the addressable market to $500 trillion across non-traditional financial assets.

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