BitMine tanks 27% despite touting ETH’s implied value at $60K
Main Idea
BitMine's stock dropped significantly despite promoting a bullish outlook on Ethereum, including holding a substantial amount of Ether and projecting its value at $60,000.
Key Points
1. BitMine's stock fell nearly 27% despite a presentation by FundStrat’s Tom Lee, which included optimistic projections for Ethereum.
2. Tom Lee mentioned BitMine holds 600,000 Ether and aims to become a 'made in America validator network' with all operations in the U.S.
3. A slide shared by BitMine suggested Ether's implied value could reach $60,000, citing unnamed research firms.
4. David Grider of Finality Capital compared BitMine's potential impact on Ether to MicroStrategy's influence on Bitcoin, noting his firm has a position in BitMine.
5. Other corporate Ether buyers include SharpLink Gaming, Bit Digital, and Blockchain Technology Consensus Solutions.
Description
David Grider, a partner at venture capital firm Finality Capital, said he thinks the Ether treasury company boom should bode well for the long-term price and inflows of the token.
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