While Circle has surged more than 5x since its IPO earlier this month, not everyone is betting on the rally to continue.
| | | | (Another) MicroStrategy of Ethereum? | 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 → | Circle’s Lead Underwriter Says the Stocks Rally Has Gotten Out Of Hand | While Circle $CRCL ( ▲ 1.36% ) 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 → | The 60/40 Portfolio is so Dead | 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 → | |
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