Tom Lee said at Token2049 that investors who are bullish on Ether should also be bullish on Bitmine, arguing that the company is built to outperform base assets such as BTC and ETH in the current cycle. He laid out several price scenarios to illustrate that view. According to Lee, if ETH rises to $22,000, Bitmine shares could move from $26 to a range of $300 to $500. He added that if ETH reaches $62,000, Bitmine could climb to $1,200 to $1,500. Lee also said Bitmine bought most of its ETH reserves when Ether was priced at $1,500. He described a hard cap for the company’s ETH reserves at no more than 5% of ETH’s total supply, and said the firm is currently about 100,000 ETH away from that ceiling.
Tom Lee said at Token2049 that if you are bullish on ETH, you should also be bullish on Bitmine.
He said Bitmine is designed to outperform base assets such as BTC and ETH during this cycle.
Lee outlined Bitmine share price scenarios tied to ETH
According to Lee, if ETH rises to $22,000, Bitmine’s share price would increase from $26 to a range of $300 to $500.
He added that if ETH reaches $62,000, Bitmine would rise to $1,200 to $1,500.
Bitmine’s ETH reserve position
Lee also said Bitmine acquired most of its ETH reserves when ETH was trading at $1,500.
He said Bitmine’s ETH reserves will not exceed a hard cap of 5% of ETH’s total supply, and that the company is currently about 100,000 ETH short of that cap.
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