Cantor Fitzgerald more than doubles Bitmine price target to $63.60

Cantor Fitzgerald has more than doubled its price target on Bitmine Immersion Technologies (BMNR) to $63.60 from $30.60 and maintained an Overweight rating, according to Crypto Briefing. The firm said Bitmine, an Ethereum accumulation company, has been shifting from its legacy crypto mining business to a strategy centered on building ETH as a core asset, and that this is changing how the company is valued. Bitmine currently holds about 5.93 million ETH and is also pursuing staking and validator businesses. The new target implies roughly 163% upside from the stock price of $24.20 at the time the report was released. Cantor Fitzgerald also said the crypto bear market could bottom around October.