Tom Lee kinda ruined my blogpost with his chairman message yesterday, maybe my shit was always unorginal idk. But at least, if Bitmine takes off, I can look back and say I called it. And in my opinion, if Ethereum really wins? The mNAV of Bitmine should be a lot higher than 1-1.4x. More like 1.8-2.2x.
FYI
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Been looking at Tom Lee’s pre-deal SPAC, $FCRS. Does he eventually find something that fits alongside the BMNR / ORBS / ETH ecosystem, or does FCRS go in a completely different direction?
The warrant side is interesting when you look at some past SPAC outcomes:
CCXIW ~$0.60 → ~$5.50 (+800%+)
RGTIW ~$0.09 → ~$5.75 (+6,000%+)
HQWWW / DMYYW ~$0.94 pre-deal → ~$8.30 (+780%+)
INFQ.WS / CCCXW ~$0.50 → ~$6.30 (+1,100%+)
Those are standout outcomes, not what I’d expect from every SPAC. Warrants can just as easily lose most or all of their value.
Anyone following FCRS or FCRS/WS (warrants)?
Purely from a risk/reward standpoint, would you rather have the commons or take the added risk with warrants?
How are Bitmine positioning to meaningfully outperform a staked ETH ETF from this point forward? Is it primarily third-party MAVAN fees and moonshot gains? Share buy-backs should only be at a low discounted mNAV so not really a meaningful strategy, right. What's the thesis?