“Sharplink Gaming Skyrocketed Over 4.000% Following ITS $ 450 Million Fundraising Announcement, Only to Plunge 90% in the Next Few Weeks.”, – WRITE: www.coindesk.com
The Company’s Shares More Doubled On Thursday Topping $ 140, now Rallying Over 3,000% In Less than A weeks the Firm AnnounCed The Raising of $ 250 Million by Selling Shares to Acquire Eth.
The Private Placement Offering, Priced At $ 4.50 Per Share and Due to Close Today, Attracked Institutional Investors Including Founders Fund, Pantera, Falconx, Kraken, Galaxy Digital, Digital, Digital, Dig.
AT ITS CORE, BITMINE IS POSITING ITSELF AS A PUBLICLY Traded Proxy for Ether Exposure, Similar to How Michael Saylor’s Strategy (Mstr) Became a Levered Bitcoin Bet. The Approach Has Gaeded Traction Recently As Investors Look for New Ways to Access Crypto Through Public Equities.
The Firm Originally Focused on Crypto Mining Using Immersion Cooling and Held $ 16 Million in Bitcoin Prior to the Fundraising.
Sharplink Déjà vuBut A Similar Crypto Treasury Stock’s Rise Rise and Fall May Offer A Cautionary Tale.
The Parabolic Rise in BMnr Mirrors the Trading Behavior of Sharplink Gaming (SBET), Another Public Company That Repositioned ITSELF As An Eth Treasury Firm Last MONTH CONSENER. Joseph Lubin.
Sharplink Soared As Much As 4,000% in Days Following ITS $ 450 Million Fundraising AnnounComent. Shares Since Plunged Over 90% from Peak as The Firm Closed Its Eth Acquisition and Early Investory in the Private Placement Sold Sold Stock Locking in Their Profits.
Bitmine’s Valuation, with A Market Capitalization Over $ 800 Million at Current Prices, Already Prices in Aggressive Assumption About the Firm Future Eth Gains.
Retail Investory Chasing the Momentum Should Tread Carefully.
Read More: Ethereum Treasury Firm Sharplink Gaming Plunges 70% – But There May Be a Twist
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