Bitmine’s $1.93 Billion Lesson: Rethinking Crypto Strategies
Bitmine just lost a whopping $1.93 billion on its Ethereum stash. Crazy, right? This massive loss has made everyone rethink how companies are investing in digital assets these days. Let’s break it down a bit.
The Bitmine Fumble
Bitmine Immersion Technologies, led by Tom Lee, bet big on Ethereum, buying it for an average price of $4,535. Well, that didn’t go so well. Their Ethereum hoard dropped in value to around $10.9 billion. They were stacking reserves like crazy, thinking it would protect them from the normal market chaos. But now? Well, it’s a whole different story. The stock dropping about 1.5% recently shows that people are starting to question their treasury model.
Analysts from Kerrisdale Capital have come out swinging,…
