Bit Mining: Undervalued, Unproven, And Eyeing Solana
Main Idea
The article provides a brief introduction to Bit Mining Limited (NYSE:BTCM) and the background of an analyst who covers Bitcoin and related technologies.
Key Points
1. Bit Mining Limited (NYSE:BTCM) is a lesser-covered Bitcoin trader since 2017.
2. The analyst has an in-depth understanding of distributed ledger technology, Web3, and crypto investing.
3. The analyst researches and analyzes cryptocurrency projects, Web3 trends, and security tokens.
4. The analyst is a contributing writer for Seeking Alpha and discloses a beneficial long position in Bitcoin.
Description
Summary Bit Mining's pivot to a Solana treasury strategy introduces speculative upside, especially if SOL rallies and the company executes its planned crypto purchases. Despite declining revenues, Bit Mining has improved operational efficiency, narrowed losses, and deleveraged its balance sheet, but ongoing dilution remains a key risk. BTCM trades below book value and at modest sales multiples, positioning it as a high-risk, leveraged crypto proxy if Solana outperforms in this bull cycle. Invest...
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