2026-01-12 19:22:02

The reaction of the capital market is quite interesting. When BitMine announced this secondary issuance, the long-term stagnant stock price surprisingly started to show some movement, rather than the usual decline.

Generally speaking, a secondary issuance is considered good news for the cash-out party and bad news for shareholders—dilution of equity is an ironclad rule. But the category of crypto-related stocks is a bit special.

A secondary issuance means the company’s account has more real cash. And what might they do with this money? Buy coins. Especially mainstream assets like ETH, holding them is much better than keeping them in a bank. So the market’s calculation is: secondary issuance dilutes equity, but the appreciation of the company’s crypto assets might offset or even compensate for this loss. This is the fundamental difference between crypto stocks and traditional stocks.

ETH-0,03%

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LiquiditySurfer

· 01-15 12:21

I buy this logic; using additional issuance to hoard coins can indeed turn the tide.

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TokenRationEater

· 01-15 05:56

Issuing more tokens causes the price to rise? It indicates that the market is betting that this money will be used to buy the dip of mainstream coins. The game theory is obvious.

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AirdropHunterWang

· 01-12 19:50

I can't believe this logic—issuing more tokens to buy coins for bottom fishing is playing tricks. --- Wait, are they really going to use all the funds to buy ETH? What if it gets sold at the top? --- Coin stocks are just a replacement for traditional stocks, but with a different approach, you can leave others far behind. Interesting. --- Dilution from issuance is fake; holding coins for appreciation is the real trick. This strategy is quite clever. --- I just want to know if the management of BitMine is secretly buying their own stock... --- In other words: using your money to buy coins, and when the price goes up, we all profit. But as for the risk... you'll have to experience it yourself.

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ContractFreelancer

· 01-12 19:48

Haha, can you really play like this with issuance? The crypto world is indeed in a different dimension. Wait, isn't that just covertly printing money to buy coins? Clever. Relying on asset appreciation to cover dilution, does this trick really work... feels a bit like gambling. Even with equity dilution, the price still rises, indicating everyone truly believes this money will buy coins. But the real test is still ahead—whether the newly issued funds will actually be poured into the market. This logic sounds good at first, but what if it backfires?

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MetaverseLandlord

· 01-12 19:47

Oh wow, can additional issuance still be considered positive? The crypto world really has a different way of playing. Wait, are they really going to use the money to buy ETH, or are they just going to cut the leeks again? Why do I feel like this logic is a bit shaky... Dilution from issuance plus asset appreciation, can they offset each other? The math doesn't add up, brother. Everyone's all-in on coins, isn't this just gambling?

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GasFeeCrying

· 01-12 19:40

Haha, this is the real flavor of the crypto world; traditional stock investors simply can't imagine it. --- Issuing more shares instead of diluting? It shows the market is betting that they will use the money to accumulate coins—smart move. --- The core issue is whether they truly believe this company will manage its finances well; don't just invest recklessly again. --- The logic behind crypto stocks is that you lose equity but gain asset appreciation; the betting strategies are different. --- So the key is whether they actually buy coins afterward; otherwise, it's just an empty promise. --- This logic can hold for a while; we'll see how they act with their subsequent holdings. --- Indeed, the crypto world uses digital assets to hedge against dilution risk; traditional logic doesn't apply at all. --- The question is, will the money from the issuance really buy mainstream coins, or is it just another fundraising scam?

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alpha_leaker

· 01-12 19:30

I understand the logic of issuing more coins to buy, which is essentially a way of indirectly going long on the crypto market. Clever.

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WhaleWatcher

· 01-12 19:24

This logic is something I only recently figured out as well; crypto stocks are indeed different. --- The trick of issuing more tokens to buy coins... sounds like using my equity to gamble on the market, which is a bit risky. --- So the key is whether BitMine will really use the money for something later on. If they go all-in on ETH, then I’ll believe it. --- Haha, isn’t this just a form of leverage? Using shareholders’ money to go long; everyone’s happy when it rises, and who takes the blame when it falls? --- This set of theories sounds great, but the premise is that the coins must keep rising... --- The fundamental difference between crypto stocks and traditional stocks is that one is based on asset appreciation expectations, and the other on cash flow. Got it.

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