Oh, what a splendid kerfuffle it has been in the land of Ethereum! š¤ On a rather gloomy Monday, BitMine Immersion Technologies saw its stock tumble faster than a clumsy elephant on roller skatesāplummeting a staggering 25%! Meanwhile, the ever-optimistic Tom Lee from FundStrat was chattering on about rainbows and unicorns, trying to sprinkle some bullish sparkles around.
But lo and behold, the investors rolled their eyes, utterly unimpressed by BitMineās grand scheme to become the kingpin of Ethereum holders and stakers. š The stocks drooped like a sad banana after sliding over 10% during regular hours to a mere $35, only to have an after-hours fit that took it down another 15%. Imagine that! š±
Ethereum: A Flop of a Fund Blunder!
According to the ever-inventive Tom Lee, BitMine is supposedly planning to hoard 5% of Ethereumās total supply, transforming itself into a noble āMade in America validator network.ā Why not? They already have a whopping 600,000 ETH tucked away, worth more than $2 billion! Can you say cha-ching? š°
But then, oh dearie me, he tossed out the fanciful notion that Ether could touch the moon at an implied valuation of $60,000. Now, if only the unnamed research firms that fed him these juicy tidbits would crawl out of the woodwork, perhaps the market wouldnāt be having such a fit! š
10/18
We asked several research firms to give us āreplacementā value (of Wall Street) to value ETH
ā this is for illustrative purposes only
ā implied value for ETH is $60,000
ā ETH currently ~$3,800ā Bitmine BMNR (@BitMNR) July 28, 2025
Would you believe it? Just earlier this month, BitMineās share price soared higher than a kite at a picnic, shooting up a jaw-dropping 3,000% to a fantastical high of $135 on July 3, thanks to their Ether-buying fairy tale! But, like a kid letting go of a balloon, the euphoria swiftly vanished as profit-takers swooped in to cash out. Suddenly, the mood turned sour, like old milk, when shareholders chanced upon the fine print. š
Investors Get Cold Feet Over Execution Risks
And, as if the plot twist werenāt juicy enough, reports from Kronos Research suggested that handling treasure troves like these requires a solid planālike making sure the cake doesnāt topple over at a party! š
Vincent Liu, Kronosās chief investment officer, sounded the alarm bells! Without proper custody and staking structure, holding a mountain of Ether might lead to wild value swings that would make your head spin. šµ
And the investors, well, they got jittery when Leeās so-called āChairmanās Messageā decided to skip around details like a mischievous rabbitāno exact timelines, and not a clue about audit partners! š
To top it off, that shiny $60,000 target for Ether was plucked from the air by unknown sourcesāhence, confusion reigned! Investors became frantic detectives, eager to hunt down who had done the poorly attributed math. Doubt grew faster than a cat chasing a laser pointer. š
Corporate Ethereum Bets On The Rise
Meanwhile, as the BitMine saga unfolded, other firms were snatching up Ether left and right, like it was a rainy day sale. SharpLink Gaming held onto 438,000 ETH, while Bit Digital swelled its coffers with over 100,000 ETH. Not to be left behind, Blockchain Technology Consensus Solutions bumped its stake to 29,122 ETH after raising a hefty $62 million! Goodness gracious, what a scrumptious feast! š°
Finality Capitalās very own David Grider likened this frenzy to Strategyās audacious Bitcoin gambleāsuggesting these shenanigans would create quite the ripple in ETH flows and price antics. And as a cherry on top, Finality Capital itself has a little something-something tied up in BitMine. How very droll! š„³
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2025-07-29 15:43