Circle's Rally is Getting Sketchy

Wall Street veteran Tom Lee of Fundstrat is stepping up as chairman of BitMine Immersion Technologies (BMNR). The bitcoin miner is raising $250 million in a private placement to amass ETH, aiming to make ether its primary treasury reserve and capitalize on its dominance in the surging stablecoin market. Read more →

While Circle $CRCL ( ▼ 7.56% ) has surged more than 5x since its IPO earlier this month, not everyone is betting on the rally to continue. Specifically, JPMorgan – the lead underwriter for the IPO – has initiated coverage on the company at underweight stating that they “see competition as a potential threat to Circle.” He also assigned the lowest price target on Wall Street ($80) implying a nearly 60% drop in the stock. The stock’s 120 P/E has left analysts split on the stock with six buy, six hold and two sell ratings. Read more →

Ric Edelman – founder of the ~$300b advisory firm Edelman Financial Engines, which oversees portfolios for 1.3m clients – just told advisors that crypto should essentially be a core position, not a side bet. In a presentation circulating across X, Edelman suggests “conservative” investors should have a 10% crypto allocation and calls for a massive 40% allocation size for “aggressive” investors. Read more →