Reassessing BitMine After Pantera's 1M ETH Accumulation

I think Pantera's purchase of 1 million ETH is a meaningful macro signal that raises the floor under ETH-denominated assets and increases liquidity in the market. That shift matters to any company with direct ETH exposure or revenue tied to on-chain activity.

For BitMine, the valuation implication depends on whether and how much ETH it holds, the transparency of its balance sheet, and the robustness of its mining or staking economics. I would revalue BitMine using a NAV approach and stress-test operational margins rather than assuming a simple multiple expansion.