Bits mines immersion (BMNR)The Ether Treasury Strategy Firm directed by Thomas Lee de Fundstrat, is the last work of Red Cryptographic Proxy in the city.
The company’s shares doubled more than Thursday $ 140, now gathering more than 3,000% in less than a week since the company announced the collection of $ 250 million by selling shares to acquire ETH.
The offer of private placement, with a price of $ 4.50 per share and due to closing today, attracted institutional investors, including Founders Fund, Pantera, Falconx, Kraken, Galaxy Digital, DCG.
In essence, Bitmine is positioning as a proxy marketed for ether exposure, similar to Michael Saylor’s strategy (Mstr) It became an leverage bet of Bitcoin. The approach has recently gained traction as investors seek new ways to access cryptography through public actions.
The firm originally focused on cryptographic mining using immersion cooling and had $ 16 million in Bitcoin before the collection of funds.
Sharplink déjà vu
But the rapid increase and fall of a similar cryptographic treasure can offer a warning story.
The parabolic increase in BMNR reflects the commercial behavior of Sharplink games (Sbet)Another public company that was repositioned as a Treasury ETH firm last month under the leadership of the consensys co -founder Joseph Lubin.
Sharplink shot up to 4,000% in days after its fundraising announcement of $ 450 million. The shares since then fell more than 90% from the peak, since the company closed its acquisition ETH and the first investors in private placement sold the blockade of shares in their profits.
The Bitmine assessment, with a market capitalization of more than $ 800 million at current prices, already prices in aggressive assumptions on future ETH profits from the company.
Retail investors who pursue the impulse should step carefully.
Read more: Ethereum Sharplink Gaming’s treasure firm sinks 70%, but there may be a turn
