BitMine tanks 27% despite touting ETH’s implied value at $60K

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.