Why BitMine Trades Like an ETH Proxy

[cryptobro]

BitMine’s market capitalization is roughly comparable to the market value of its crypto and cash holdings. That’s a crucial detail.

When a company’s equity value mirrors its digital assets, investors stop valuing earnings and start valuing net asset exposure. BMNR effectively becomes a proxy for Ether, similar to how some companies act as Bitcoin proxies.

However, unlike holding ETH directly, BitMine investors must also factor in dilution, financing structures, liabilities, and management decisions — all of which can amplify or distort ETH price moves.

[encrypted]

proxies are fun until dilution hits then you realize why spot is safer

[JanEmil]

Better to just hold yourself