Can FundStrat’s Tom Lee make Bitmine Immersion Stock an “Ethereum micro-strategy”?
Bitmine Immersion (BMNR) shares rose more than 500% on Monday after Crypto Mining Firm appointed Fundstrat research director Tom Lee as the new chair of the board.
More importantly, the Los Angeles-based company has announced plans to raise approximately $250 million through privately owned placement.
Today’s rally has swelled BMNR’s market capitalization well beyond $150 million.
As chairman under Tom Lee, Bitmine plans to use Ether as a major Treasury protection asset.
According to veterans in the market, ETH can make a significant profit now that the US Senate has approved a highly anticipated “genius act.”
This law clears the pathway for Stable Coins to move further into mainstream adoption. This could “benefit the world’s second largest cryptocurrency, as Ethereum is a blockchain where the majority of stubcoin payments are traded,” Lee said in a statement today.
He added that in the future, mining companies will use ETH per share as their primary performance metric. In short, Lee aims to convert Bitmine Immersion stock into “Ethereum microstrategy.”
Tom Lee chose Ethereum as BMNR’s future reserve asset.
His forecasts from late 2024 show that ETH has reached $5,000 by the end of this year, indicating a 100% chance of meetings over the next six months.
However, it would be reasonable to question whether Bitmine Immersion Stock will be able to maintain the profits accumulated this morning in the near future.
Investors should also learn from the example of Sharplink (SBET) and presented a similar etheric strategy last month, bringing the explosive first meeting where everything that followed was equally dissipated in subsequent sessions.
Care should be taken when chasing today’s COSMIC Run on the universe run on BMNR stock. Because BarChart currently has no Wall Street analyst covering the BTC mining company, indicating that it is not on the radar of institutional investors at least for now.
On the date of publication, Wajeeh Khan had no position (directly or indirectly) in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. This article was originally published barchart.com