Bitmine Stock Sinks 68% From Highs as Crypto Market Pulls Back – What’s Next?
TLDR
- Bitmine Immersion Technologies stock dropped 17.6% this week but remains up 621.4% year-to-date with 466.1% gains over 12 months
- The company scored 0 out of 6 on standard valuation metrics, indicating extreme overvaluation according to analysts
- DCF analysis suggests the stock trades at a 9,049.7% premium to its intrinsic value of $0.55 per share
- Price-to-book ratio stands at 3,044.43x compared to industry average of 4.01x and peer average of 13.09x
- Stock decline mirrors broader crypto market weakness with Ethereum falling below $4,000 and Bitcoin dropping near $111,000
Bitmine Immersion Technologies stock suffered a sharp 17.6% decline over the past week as cryptocurrency markets pulled back from recent highs. The…
