Cantor Fitzgerald Upgrades Bitmain Target Price to $63.6, Doubles Estimate

Cantor Fitzgerald has upgraded its target price for Bitmain (BMNR) from $30.60 to $63.60, doubling the previous estimate, while maintaining an "Overweight" recommendation, according to CryptoBriefing. The firm noted that Bitmain is transitioning from traditional cryptocurrency mining toward accumulating ETH as a core asset, which has altered its valuation approach. Bitmain currently holds approximately 5.93 million ETH and is also advancing staking and valdata initiatives. The new target price represents roughly a 163% increase over the stock's $24.20 share price at the time of the report release. Cantor Fitzgerald also forecasted that the cryptocurrency bear market could bottom out around October.