<p>&#272;&#7873; xu&#7845;t t&#259;ng m&#7841;nh s&#7889; l&#432;&#7907;ng c&#7893; phi&#7871;u &#273;&#432;&#7907;c ph&eacute;p ph&aacute;t h&agrave;nh c&#7911;a BitMine &#273;&atilde; v&#7845;p ph&#7843;i l&agrave;n s&oacute;ng ph&#7843;n &#273;&#7889;i ng&agrave;y c&agrave;ng l&#7899;n t&#7915; c&aacute;c c&#7893; &#273;&ocirc;ng, d&ugrave; c&ocirc;ng ty v&#7851;n cam k&#7871;t coi Ethereum l&agrave; t&agrave;i s&#7843;n c&#7889;t l&otilde;i trong kho b&#7841;c c&#7911;a m&igrave;nh.</p>
<p>D&ugrave; Tom Lee g&#7885;i &#273;&#7897;ng th&aacute;i n&agrave;y l&agrave; b&#432;&#7899;c &#273;i &#273;em l&#7841;i s&#7921; linh ho&#7841;t d&agrave;i h&#7841;n thay v&igrave; s&#7921; pha lo&atilde;ng ngay l&#7853;p t&#7913;c, ng&agrave;y c&agrave;ng nhi&#7873;u nh&agrave; &#273;&#7847;u t&#432; cho r&#7857;ng c&#7845;u tr&uacute;c, th&#7901;i &#273;i&#7875;m v&agrave; quy&#7873;n l&#7907;i &#273;&#432;&#7907;c l&#7891;ng gh&eacute;p v&agrave;o &#273;&#7873; xu&#7845;t n&agrave;y &#273;ang khi&#7871;n h&#7885; c&#7843;m th&#7845;y lo ng&#7841;i.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-5-reasons-tom-lee-s-bitmine-strategy-isn-t-winning-fans">5 l&yacute; do chi&#7871;n l&#432;&#7907;c BitMine c&#7911;a Tom Lee ch&#432;a thu h&uacute;t &#273;&#432;&#7907;c ng&#432;&#7901;i &#7911;ng h&#7897;</h2>

<p><a href="https://vn.beincrypto.com/tom-lee-bitmine-shareholder-dilution-ethereum-bet/" target="_blank" rel="noreferrer noopener">&#272;&#7873; xu&#7845;t t&#259;ng l&#432;&#7907;ng c&#7893; phi&#7871;u &#273;&#432;&#7907;c ph&eacute;p ph&aacute;t h&agrave;nh c&#7911;a BitMine c&#7911;a Tom Lee</a> nh&#7857;m c&#7911;ng c&#7889; ni&#7873;m tin d&agrave;i h&#7841;n c&#7911;a c&ocirc;ng ty &#273;&#7889;i v&#7899;i Ethereum.</p>
<p>Nh&#432;ng thay v&igrave; th&#7871;, &#273;i&#7873;u n&agrave;y l&#7841;i l&agrave;m l&#7897; ra s&#7921; chia r&#7869; ng&agrave;y c&agrave;ng l&#7899;n khi lo ng&#7841;i r&#7857;ng &#273;&#7873; xu&#7845;t n&agrave;y l&agrave;m suy y&#7871;u qu&#7843;n tr&#7883; doanh nghi&#7879;p &#273;&uacute;ng l&uacute;c r&#7911;i ro pha lo&atilde;ng c&#7893; phi&#7871;u gia t&#259;ng.</p>
<p>Nh&#7919;ng ng&#432;&#7901;i ph&#7843;n &#273;&#7889;i kh&ocirc;ng h&#7859;n ph&#7911; nh&#7853;n ni&#7873;m tin v&agrave;o Ethereum, m&agrave; h&#7885; ch&#7881; &#273;&#7863;t c&acirc;u h&#7887;i r&#7857;ng c&#7845;u tr&uacute;c, th&#7901;i &#273;i&#7875;m c&#361;ng nh&#432; l&#7907;i &iacute;ch t&#7915; k&#7871; ho&#7841;ch n&agrave;y c&oacute; th&#7853;t s&#7921; b&#7843;o v&#7879; &#273;&#432;&#7907;c gi&aacute; tr&#7883; c&#7911;a c&#7893; &#273;&ocirc;ng hay kh&ocirc;ng. Hi&#7879;n t&#7841;i c&oacute; n&#259;m l&yacute; do ch&iacute;nh gi&#7843;i th&iacute;ch t&#7841;i sao chi&#7871;n l&#432;&#7907;c c&#7911;a Lee kh&ocirc;ng nh&#7853;n &#273;&#432;&#7907;c nhi&#7873;u s&#7921; &#7911;ng h&#7897;.</p>
<h3 class="wp-block-heading" id="h-1-urgency-undermines-the-future-split-narrative">1. S&#7921; c&#7845;p b&aacute;ch l&agrave;m suy y&#7871;u c&acirc;u chuy&#7879;n &ldquo;chia t&aacute;ch trong t&#432;&#417;ng lai&rdquo;</h3>

<p>M&#7897;t trong nh&#7919;ng &#273;i&#7875;m b&#7883; ch&#7881; tr&iacute;ch nhi&#7873;u nh&#7845;t l&agrave; th&#7901;i &#273;i&#7875;m &#273;&#432;a ra &#273;&#7873; xu&#7845;t. Tom Lee cho r&#7857;ng vi&#7879;c chia t&aacute;ch c&#7893; phi&#7871;u trong t&#432;&#417;ng lai, c&oacute; th&#7875; khi Ethereum &#273;&#7841;t gi&aacute; r&#7845;t cao, l&agrave; l&yacute; do n&ecirc;n cho ph&eacute;p ph&aacute;t h&agrave;nh th&ecirc;m c&#7893; phi&#7871;u ngay b&acirc;y gi&#7901;.</p>
<p>Tuy nhi&ecirc;n, c&aacute;c nh&agrave; &#273;&#7847;u t&#432; cho r&#7857;ng l&#7853;p lu&#7853;n n&agrave;y kh&ocirc;ng ph&ugrave; h&#7907;p v&#7899;i t&igrave;nh h&igrave;nh hi&#7879;n t&#7841;i c&#7911;a BitMine. Hi&#7879;n t&#7841;i, c&ocirc;ng ty &#273;&atilde; ph&aacute;t h&agrave;nh kho&#7843;ng 426 tri&#7879;u c&#7893; phi&#7871;u tr&ecirc;n t&#7893;ng s&#7889; 500 tri&#7879;u &#273;&#432;&#7907;c ph&eacute;p, g&#7847;n nh&#432; kh&ocirc;ng c&ograve;n nhi&#7873;u d&#432; &#273;&#7883;a &#273;&#7875; xoay s&#7903;.</p>
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>&ldquo;T&#7841;i sao ph&#7843;i c&#7845;p ph&eacute;p ph&aacute;t h&agrave;nh th&ecirc;m c&#7893; phi&#7871;u ngay b&acirc;y gi&#7901; cho m&#7897;t k&#7871; ho&#7841;ch chia t&aacute;ch c&#7893; phi&#7871;u c&ograve;n xa v&#7901;i?&rdquo; m&#7897;t nh&agrave; ph&acirc;n t&iacute;ch <a href="https://x.com/FunOfInvesting/status/2007598535684804775?s=20" target="_blank" rel="noreferrer noopener nofollow">&#273;&#7863;t c&acirc;u h&#7887;i</a>, b&#7893; sung r&#7857;ng c&aacute;c c&#7893; &#273;&ocirc;ng &ldquo;s&#7869; vui v&#7867; b&#7887; phi&#7871;u &#273;&#7891;ng &yacute; n&#7871;u/ch&#7915;ng n&agrave;o gi&aacute; c&#7893; phi&#7871;u th&#7921;c s&#7921; ph&ugrave; h&#7907;p v&#7899;i vi&#7879;c chia t&aacute;ch&rdquo;.</p>
</blockquote>

<p>Nh&#7919;ng ng&#432;&#7901;i ph&#7843;n &#273;&#7889;i cho r&#7857;ng s&#7921; v&#7897;i v&agrave;ng n&agrave;y th&#7921;c ch&#7845;t l&agrave; do BitMine c&#7847;n ph&aacute;t h&agrave;nh th&ecirc;m c&#7893; phi&#7871;u &#273;&#7875; ti&#7871;p t&#7909;c mua ETH.</p>
<h3 class="wp-block-heading" id="h-2-scale-without-guardrails">2. M&#7903; r&#7897;ng quy m&ocirc; m&agrave; kh&ocirc;ng c&oacute; gi&#7899;i h&#7841;n b&#7843;o v&#7879;</h3>

<p>Quy m&ocirc; &#273;&#7873; xu&#7845;t l&#7847;n n&agrave;y, t&#7915; 500 tri&#7879;u l&ecirc;n &#273;&#7871;n 50 t&#7927; c&#7893; phi&#7871;u cho ph&eacute;p ph&aacute;t h&agrave;nh, c&#361;ng khi&#7871;n nh&agrave; &#273;&#7847;u t&#432; kh&ocirc;ng kh&#7887;i lo ng&#7841;i.</p>
<p>Ngay c&#7843; v&#7899;i m&#7909;c ti&ecirc;u <a href="https://vn.beincrypto.com/bitmine-ethereum-staking-mavan-2026/" target="_blank" rel="noreferrer noopener">ph&acirc;n b&#7893; 5% t&agrave;i s&#7843;n v&agrave;o ETH m&agrave; BitMine &#273;&#7873; ra</a>, c&ocirc;ng ty c&#361;ng ch&#7881; c&#7847;n ph&aacute;t h&agrave;nh th&ecirc;m m&#7897;t ph&#7847;n r&#7845;t nh&#7887; so v&#7899;i con s&#7889; 50 t&#7927; n&agrave;y.</p>
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>&ldquo;V&#7853;y t&#7841;i sao l&#7841;i &#273;&#7873; ngh&#7883; l&ecirc;n t&#7899;i 50 t&#7927; c&#7893; phi&#7871;u?&rdquo; nh&agrave; ph&acirc;n t&iacute;ch Tevis vi&#7871;t, cho r&#7857;ng &#273;&acirc;y l&agrave; m&#7897;t &ldquo;b&#432;&#7899;c qu&aacute; &#273;&agrave;&rdquo; v&agrave; s&#7869; trao cho ban l&atilde;nh &#273;&#7841;o &ldquo;quy&#7873;n l&#7921;c ch&#432;a t&#7915;ng c&oacute;&rdquo;.</p>
</blockquote>

<p>Nh&#7919;ng ng&#432;&#7901;i ch&#7881; tr&iacute;ch cho r&#7857;ng &#273;&#7873; xu&#7845;t n&agrave;y s&#7869; lo&#7841;i b&#7887; y&ecirc;u c&#7847;u ph&#7843;i &#273;&#432;&#7907;c s&#7921; ch&#7845;p thu&#7853;n c&#7911;a c&#7893; &#273;&ocirc;ng trong t&#432;&#417;ng lai, &#273;&#7891;ng ngh&#297;a v&#7899;i vi&#7879;c m&#7845;t &#273;i m&#7897;t c&#417; ch&#7871; ki&#7875;m so&aacute;t quan tr&#7885;ng trong c&ocirc;ng ty.</p>
<h3 class="wp-block-heading" id="h-3-eth-growth-vs-shareholder-value">3. S&#7921; t&#259;ng tr&#432;&#7903;ng c&#7911;a ETH so v&#7899;i gi&aacute; tr&#7883; c&#7893; &#273;&ocirc;ng</h3>

<p>M&#7897;t &#273;i&#7875;m g&acirc;y tranh c&atilde;i kh&aacute;c l&agrave; &#7903; c&#7845;u tr&uacute;c th&#432;&#7903;ng cho l&atilde;nh &#273;&#7841;o. &#272;&#7873; xu&#7845;t s&#7889; 4 g&#7855;n kho&#7843;n th&#432;&#7903;ng th&agrave;nh t&iacute;ch c&#7911;a Tom Lee v&#7899;i t&#7893;ng l&#432;&#7907;ng ETH n&#7855;m gi&#7919; thay v&igrave; ETH tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u.</p>
<p>D&ugrave; nh&agrave; &#273;&#7847;u t&#432; &#7911;ng h&#7897; th&#432;&#7903;ng theo th&agrave;nh t&iacute;ch, nh&#432;ng m&#7897;t s&#7889; ng&#432;&#7901;i cho r&#7857;ng ch&#7881; s&#7889; ch&#7885;n d&ugrave;ng l&#7847;n n&agrave;y s&#7869; &#273;&#7849;y m&#7841;nh vi&#7879;c t&#259;ng quy m&ocirc; b&#7857;ng m&#7885;i gi&aacute;.</p>
<p>Tevis c&#7843;nh b&aacute;o r&#7857;ng n&#7871;u d&ugrave;ng KPI l&agrave; &ldquo;T&#7893;ng l&#432;&#7907;ng ETH&rdquo;, ban l&atilde;nh &#273;&#7841;o c&oacute; th&#7875; &#273;&#432;&#7907;c th&#432;&#7903;ng d&ugrave; c&#7893; &#273;&ocirc;ng b&#7883; pha lo&atilde;ng l&#7907;i &iacute;ch ETH tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u. Trong khi &#273;&oacute;, l&#7845;y ch&#7881; s&#7889; ETH tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u l&agrave;m m&#7909;c ti&ecirc;u th&igrave; s&#7869; gi&uacute;p &#273;&#7843;m b&#7843;o quy&#7873;n l&#7907;i cho nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867;.</p>
<h3 class="wp-block-heading" id="h-4-below-nav-issuance-fears">4. N&#7895;i lo ph&aacute;t h&agrave;nh d&#432;&#7899;i gi&aacute; tr&#7883; NAV</h3>

<p>M&#7889;i lo v&#7873; pha lo&atilde;ng c&#7893; phi&#7871;u &#273;ang t&#259;ng l&ecirc;n khi BitMine kh&ocirc;ng c&ograve;n giao d&#7883;ch &#7903; m&#7913;c cao h&#417;n gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng (NAV). Tevis t&#7915;ng &ldquo;kh&ocirc;ng quan t&acirc;m &#273;&#7871;n pha lo&atilde;ng&rdquo; khi c&#7893; phi&#7871;u c&oacute; gi&aacute; cao h&#417;n NAV, nh&#432;ng t&igrave;nh th&#7871; &#273;&atilde; kh&aacute;c khi hai con s&#7889; n&agrave;y ti&#7879;m c&#7853;n nhau.</p>
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/lO_Akqwb0rbxP12WR-9SCLDqOyQ=/smart/dc20892f8e694ac49fec915a7e2394f0" alt="BitMine net asset value (NAV)" class="wp-image-787807">Gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng (NAV) c&#7911;a BitMine. Ngu&#7891;n: <a href="https://www.tradingview.com/symbols/AMEX-BMNR/financials-statistics-and-ratios/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

<p>C&aacute;c &yacute; ki&#7871;n ph&#7843;n &#273;&#7889;i cho r&#7857;ng n&#7871;u c&#7845;p ph&eacute;p r&#7897;ng r&atilde;i, BitMine c&oacute; th&#7875; d&#7877; d&agrave;ng ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u m&#7899;i v&#7899;i gi&aacute; d&#432;&#7899;i NAV, khi&#7871;n s&#7889; l&#432;&#7907;ng ETH &#273;&#7843;m b&#7843;o cho m&#7895;i c&#7893; phi&#7871;u gi&#7843;m &#273;i v&#297;nh vi&#7877;n.</p>
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>&ldquo;N&#7871;u BMNR ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u m&#7899;i v&#7899;i gi&aacute; th&#7845;p h&#417;n NAV&hellip; s&#7889; l&#432;&#7907;ng ETH h&#7895; tr&#7907; cho m&#7895;i c&#7893; phi&#7871;u s&#7869; gi&#7843;m v&#297;nh vi&#7877;n,&rdquo; Tevis nh&#7853;n &#273;&#7883;nh.</p>
</blockquote>

<h3 class="wp-block-heading" id="h-5-equity-vs-spot-eth-questioned">5. C&#7893; phi&#7871;u v&agrave; spot ETH b&#7883; &#273;&#7863;t d&#7845;u h&#7887;i</h3>

<p>Tranh lu&#7853;n c&ograve;n c&#259;ng th&#7859;ng h&#417;n khi m&#7897;t s&#7889; nh&agrave; &#273;&#7847;u t&#432; cho r&#7857;ng h&#7885; n&ecirc;n n&#7855;m gi&#7919; ETH lu&ocirc;n cho y&ecirc;n t&acirc;m. Nh&#7919;ng ng&#432;&#7901;i kh&aacute;c c&#361;ng &#273;&#7891;ng t&igrave;nh, c&#7843;nh b&aacute;o r&#7857;ng &#273;&#7873; xu&#7845;t n&agrave;y &ldquo;m&#7903; &#273;&#432;&#7901;ng cho vi&#7879;c c&#7893; &#273;&ocirc;ng b&#7883; pha lo&atilde;ng b&#7845;t ng&#7901; th&ocirc;ng qua ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u ki&#7875;u ATM&rdquo;.</p>
<p>D&ugrave; ph&#7843;i &#273;&#7889;i m&#7863;t v&#7899;i nhi&#7873;u &yacute; ki&#7871;n tr&aacute;i chi&#7873;u, nhi&#7873;u c&#7893; &#273;&ocirc;ng kh&ocirc;ng &#273;&#7891;ng thu&#7853;n v&#7851;n ti&#7871;p t&#7909;c tin t&#432;&#7903;ng v&agrave;o tri&#7875;n v&#7885;ng c&#7911;a Ethereum v&agrave; &#7911;ng h&#7897; chi&#7871;n l&#432;&#7907;c t&#7893;ng th&#7875; c&#7911;a BitMine.</p>
<p>&#272;i&#7873;u h&#7885; th&#7921;c s&#7921; mong mu&#7889;n l&agrave; c&aacute;c gi&#7899;i h&#7841;n qu&#7843;n tr&#7883; r&otilde; r&agrave;ng h&#417;n, thay v&igrave; trao quy&#7873;n kh&ocirc;ng gi&#7899;i h&#7841;n cho ban l&atilde;nh &#273;&#7841;o trong vi&#7879;c ki&#7875;m so&aacute;t m&#7897;t trong nh&#7919;ng lo&#7841;i t&agrave;i s&#7843;n bi&#7871;n &#273;&#7897;ng nh&#7845;t c&#7911;a th&#7883; tr&#432;&#7901;ng ti&#7873;n m&atilde; h&oacute;a.</p>


5 lý do phản bác luận điểm của Tom Lee về việc mở rộng cổ phần BitMine

<p>&#272;&#7873; xu&#7845;t t&#259;ng m&#7841;nh s&#7889; l&#432;&#7907;ng c&#7893; phi&#7871;u &#273;&#432;&#7907;c ph&eacute;p ph&aacute;t h&agrave;nh c&#7911;a BitMine &#273;&atilde; v&#7845;p ph&#7843;i l&agrave;n s&oacute;ng ph&#7843;n &#273;&#7889;i ng&agrave;y c&agrave;ng l&#7899;n t&#7915; c&aacute;c c&#7893; &#273;&ocirc;ng, d&ugrave; c&ocirc;ng ty v&#7851;n cam k&#7871;t coi Ethereum l&agrave; t&agrave;i s&#7843;n c&#7889;t l&otilde;i trong kho b&#7841;c c&#7911;a m&igrave;nh.</p>
<p>D&ugrave; Tom Lee g&#7885;i &#273;&#7897;ng th&aacute;i n&agrave;y l&agrave; b&#432;&#7899;c &#273;i &#273;em l&#7841;i s&#7921; linh ho&#7841;t d&agrave;i h&#7841;n thay v&igrave; s&#7921; pha lo&atilde;ng ngay l&#7853;p t&#7913;c, ng&agrave;y c&agrave;ng nhi&#7873;u nh&agrave; &#273;&#7847;u t&#432; cho r&#7857;ng c&#7845;u tr&uacute;c, th&#7901;i &#273;i&#7875;m v&agrave; quy&#7873;n l&#7907;i &#273;&#432;&#7907;c l&#7891;ng gh&eacute;p v&agrave;o &#273;&#7873; xu&#7845;t n&agrave;y &#273;ang khi&#7871;n h&#7885; c&#7843;m th&#7845;y lo ng&#7841;i.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-5-reasons-tom-lee-s-bitmine-strategy-isn-t-winning-fans">5 l&yacute; do chi&#7871;n l&#432;&#7907;c BitMine c&#7911;a Tom Lee ch&#432;a thu h&uacute;t &#273;&#432;&#7907;c ng&#432;&#7901;i &#7911;ng h&#7897;</h2>

<p><a href="https://vn.beincrypto.com/tom-lee-bitmine-shareholder-dilution-ethereum-bet/" target="_blank" rel="noreferrer noopener">&#272;&#7873; xu&#7845;t t&#259;ng l&#432;&#7907;ng c&#7893; phi&#7871;u &#273;&#432;&#7907;c ph&eacute;p ph&aacute;t h&agrave;nh c&#7911;a BitMine c&#7911;a Tom Lee</a> nh&#7857;m c&#7911;ng c&#7889; ni&#7873;m tin d&agrave;i h&#7841;n c&#7911;a c&ocirc;ng ty &#273;&#7889;i v&#7899;i Ethereum.</p>
<p>Nh&#432;ng thay v&igrave; th&#7871;, &#273;i&#7873;u n&agrave;y l&#7841;i l&agrave;m l&#7897; ra s&#7921; chia r&#7869; ng&agrave;y c&agrave;ng l&#7899;n khi lo ng&#7841;i r&#7857;ng &#273;&#7873; xu&#7845;t n&agrave;y l&agrave;m suy y&#7871;u qu&#7843;n tr&#7883; doanh nghi&#7879;p &#273;&uacute;ng l&uacute;c r&#7911;i ro pha lo&atilde;ng c&#7893; phi&#7871;u gia t&#259;ng.</p>
<p>Nh&#7919;ng ng&#432;&#7901;i ph&#7843;n &#273;&#7889;i kh&ocirc;ng h&#7859;n ph&#7911; nh&#7853;n ni&#7873;m tin v&agrave;o Ethereum, m&agrave; h&#7885; ch&#7881; &#273;&#7863;t c&acirc;u h&#7887;i r&#7857;ng c&#7845;u tr&uacute;c, th&#7901;i &#273;i&#7875;m c&#361;ng nh&#432; l&#7907;i &iacute;ch t&#7915; k&#7871; ho&#7841;ch n&agrave;y c&oacute; th&#7853;t s&#7921; b&#7843;o v&#7879; &#273;&#432;&#7907;c gi&aacute; tr&#7883; c&#7911;a c&#7893; &#273;&ocirc;ng hay kh&ocirc;ng. Hi&#7879;n t&#7841;i c&oacute; n&#259;m l&yacute; do ch&iacute;nh gi&#7843;i th&iacute;ch t&#7841;i sao chi&#7871;n l&#432;&#7907;c c&#7911;a Lee kh&ocirc;ng nh&#7853;n &#273;&#432;&#7907;c nhi&#7873;u s&#7921; &#7911;ng h&#7897;.</p>
<h3 class="wp-block-heading" id="h-1-urgency-undermines-the-future-split-narrative">1. S&#7921; c&#7845;p b&aacute;ch l&agrave;m suy y&#7871;u c&acirc;u chuy&#7879;n &ldquo;chia t&aacute;ch trong t&#432;&#417;ng lai&rdquo;</h3>

<p>M&#7897;t trong nh&#7919;ng &#273;i&#7875;m b&#7883; ch&#7881; tr&iacute;ch nhi&#7873;u nh&#7845;t l&agrave; th&#7901;i &#273;i&#7875;m &#273;&#432;a ra &#273;&#7873; xu&#7845;t. Tom Lee cho r&#7857;ng vi&#7879;c chia t&aacute;ch c&#7893; phi&#7871;u trong t&#432;&#417;ng lai, c&oacute; th&#7875; khi Ethereum &#273;&#7841;t gi&aacute; r&#7845;t cao, l&agrave; l&yacute; do n&ecirc;n cho ph&eacute;p ph&aacute;t h&agrave;nh th&ecirc;m c&#7893; phi&#7871;u ngay b&acirc;y gi&#7901;.</p>
<p>Tuy nhi&ecirc;n, c&aacute;c nh&agrave; &#273;&#7847;u t&#432; cho r&#7857;ng l&#7853;p lu&#7853;n n&agrave;y kh&ocirc;ng ph&ugrave; h&#7907;p v&#7899;i t&igrave;nh h&igrave;nh hi&#7879;n t&#7841;i c&#7911;a BitMine. Hi&#7879;n t&#7841;i, c&ocirc;ng ty &#273;&atilde; ph&aacute;t h&agrave;nh kho&#7843;ng 426 tri&#7879;u c&#7893; phi&#7871;u tr&ecirc;n t&#7893;ng s&#7889; 500 tri&#7879;u &#273;&#432;&#7907;c ph&eacute;p, g&#7847;n nh&#432; kh&ocirc;ng c&ograve;n nhi&#7873;u d&#432; &#273;&#7883;a &#273;&#7875; xoay s&#7903;.</p>
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<p>&ldquo;T&#7841;i sao ph&#7843;i c&#7845;p ph&eacute;p ph&aacute;t h&agrave;nh th&ecirc;m c&#7893; phi&#7871;u ngay b&acirc;y gi&#7901; cho m&#7897;t k&#7871; ho&#7841;ch chia t&aacute;ch c&#7893; phi&#7871;u c&ograve;n xa v&#7901;i?&rdquo; m&#7897;t nh&agrave; ph&acirc;n t&iacute;ch <a href="https://x.com/FunOfInvesting/status/2007598535684804775?s=20" target="_blank" rel="noreferrer noopener nofollow">&#273;&#7863;t c&acirc;u h&#7887;i</a>, b&#7893; sung r&#7857;ng c&aacute;c c&#7893; &#273;&ocirc;ng &ldquo;s&#7869; vui v&#7867; b&#7887; phi&#7871;u &#273;&#7891;ng &yacute; n&#7871;u/ch&#7915;ng n&agrave;o gi&aacute; c&#7893; phi&#7871;u th&#7921;c s&#7921; ph&ugrave; h&#7907;p v&#7899;i vi&#7879;c chia t&aacute;ch&rdquo;.</p>
</blockquote>

<p>Nh&#7919;ng ng&#432;&#7901;i ph&#7843;n &#273;&#7889;i cho r&#7857;ng s&#7921; v&#7897;i v&agrave;ng n&agrave;y th&#7921;c ch&#7845;t l&agrave; do BitMine c&#7847;n ph&aacute;t h&agrave;nh th&ecirc;m c&#7893; phi&#7871;u &#273;&#7875; ti&#7871;p t&#7909;c mua ETH.</p>
<h3 class="wp-block-heading" id="h-2-scale-without-guardrails">2. M&#7903; r&#7897;ng quy m&ocirc; m&agrave; kh&ocirc;ng c&oacute; gi&#7899;i h&#7841;n b&#7843;o v&#7879;</h3>

<p>Quy m&ocirc; &#273;&#7873; xu&#7845;t l&#7847;n n&agrave;y, t&#7915; 500 tri&#7879;u l&ecirc;n &#273;&#7871;n 50 t&#7927; c&#7893; phi&#7871;u cho ph&eacute;p ph&aacute;t h&agrave;nh, c&#361;ng khi&#7871;n nh&agrave; &#273;&#7847;u t&#432; kh&ocirc;ng kh&#7887;i lo ng&#7841;i.</p>
<p>Ngay c&#7843; v&#7899;i m&#7909;c ti&ecirc;u <a href="https://vn.beincrypto.com/bitmine-ethereum-staking-mavan-2026/" target="_blank" rel="noreferrer noopener">ph&acirc;n b&#7893; 5% t&agrave;i s&#7843;n v&agrave;o ETH m&agrave; BitMine &#273;&#7873; ra</a>, c&ocirc;ng ty c&#361;ng ch&#7881; c&#7847;n ph&aacute;t h&agrave;nh th&ecirc;m m&#7897;t ph&#7847;n r&#7845;t nh&#7887; so v&#7899;i con s&#7889; 50 t&#7927; n&agrave;y.</p>
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<p>&ldquo;V&#7853;y t&#7841;i sao l&#7841;i &#273;&#7873; ngh&#7883; l&ecirc;n t&#7899;i 50 t&#7927; c&#7893; phi&#7871;u?&rdquo; nh&agrave; ph&acirc;n t&iacute;ch Tevis vi&#7871;t, cho r&#7857;ng &#273;&acirc;y l&agrave; m&#7897;t &ldquo;b&#432;&#7899;c qu&aacute; &#273;&agrave;&rdquo; v&agrave; s&#7869; trao cho ban l&atilde;nh &#273;&#7841;o &ldquo;quy&#7873;n l&#7921;c ch&#432;a t&#7915;ng c&oacute;&rdquo;.</p>
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<p>Nh&#7919;ng ng&#432;&#7901;i ch&#7881; tr&iacute;ch cho r&#7857;ng &#273;&#7873; xu&#7845;t n&agrave;y s&#7869; lo&#7841;i b&#7887; y&ecirc;u c&#7847;u ph&#7843;i &#273;&#432;&#7907;c s&#7921; ch&#7845;p thu&#7853;n c&#7911;a c&#7893; &#273;&ocirc;ng trong t&#432;&#417;ng lai, &#273;&#7891;ng ngh&#297;a v&#7899;i vi&#7879;c m&#7845;t &#273;i m&#7897;t c&#417; ch&#7871; ki&#7875;m so&aacute;t quan tr&#7885;ng trong c&ocirc;ng ty.</p>
<h3 class="wp-block-heading" id="h-3-eth-growth-vs-shareholder-value">3. S&#7921; t&#259;ng tr&#432;&#7903;ng c&#7911;a ETH so v&#7899;i gi&aacute; tr&#7883; c&#7893; &#273;&ocirc;ng</h3>

<p>M&#7897;t &#273;i&#7875;m g&acirc;y tranh c&atilde;i kh&aacute;c l&agrave; &#7903; c&#7845;u tr&uacute;c th&#432;&#7903;ng cho l&atilde;nh &#273;&#7841;o. &#272;&#7873; xu&#7845;t s&#7889; 4 g&#7855;n kho&#7843;n th&#432;&#7903;ng th&agrave;nh t&iacute;ch c&#7911;a Tom Lee v&#7899;i t&#7893;ng l&#432;&#7907;ng ETH n&#7855;m gi&#7919; thay v&igrave; ETH tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u.</p>
<p>D&ugrave; nh&agrave; &#273;&#7847;u t&#432; &#7911;ng h&#7897; th&#432;&#7903;ng theo th&agrave;nh t&iacute;ch, nh&#432;ng m&#7897;t s&#7889; ng&#432;&#7901;i cho r&#7857;ng ch&#7881; s&#7889; ch&#7885;n d&ugrave;ng l&#7847;n n&agrave;y s&#7869; &#273;&#7849;y m&#7841;nh vi&#7879;c t&#259;ng quy m&ocirc; b&#7857;ng m&#7885;i gi&aacute;.</p>
<p>Tevis c&#7843;nh b&aacute;o r&#7857;ng n&#7871;u d&ugrave;ng KPI l&agrave; &ldquo;T&#7893;ng l&#432;&#7907;ng ETH&rdquo;, ban l&atilde;nh &#273;&#7841;o c&oacute; th&#7875; &#273;&#432;&#7907;c th&#432;&#7903;ng d&ugrave; c&#7893; &#273;&ocirc;ng b&#7883; pha lo&atilde;ng l&#7907;i &iacute;ch ETH tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u. Trong khi &#273;&oacute;, l&#7845;y ch&#7881; s&#7889; ETH tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u l&agrave;m m&#7909;c ti&ecirc;u th&igrave; s&#7869; gi&uacute;p &#273;&#7843;m b&#7843;o quy&#7873;n l&#7907;i cho nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867;.</p>
<h3 class="wp-block-heading" id="h-4-below-nav-issuance-fears">4. N&#7895;i lo ph&aacute;t h&agrave;nh d&#432;&#7899;i gi&aacute; tr&#7883; NAV</h3>

<p>M&#7889;i lo v&#7873; pha lo&atilde;ng c&#7893; phi&#7871;u &#273;ang t&#259;ng l&ecirc;n khi BitMine kh&ocirc;ng c&ograve;n giao d&#7883;ch &#7903; m&#7913;c cao h&#417;n gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng (NAV). Tevis t&#7915;ng &ldquo;kh&ocirc;ng quan t&acirc;m &#273;&#7871;n pha lo&atilde;ng&rdquo; khi c&#7893; phi&#7871;u c&oacute; gi&aacute; cao h&#417;n NAV, nh&#432;ng t&igrave;nh th&#7871; &#273;&atilde; kh&aacute;c khi hai con s&#7889; n&agrave;y ti&#7879;m c&#7853;n nhau.</p>
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/lO_Akqwb0rbxP12WR-9SCLDqOyQ=/smart/dc20892f8e694ac49fec915a7e2394f0" alt="BitMine net asset value (NAV)" class="wp-image-787807">Gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng (NAV) c&#7911;a BitMine. Ngu&#7891;n: <a href="https://www.tradingview.com/symbols/AMEX-BMNR/financials-statistics-and-ratios/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

<p>C&aacute;c &yacute; ki&#7871;n ph&#7843;n &#273;&#7889;i cho r&#7857;ng n&#7871;u c&#7845;p ph&eacute;p r&#7897;ng r&atilde;i, BitMine c&oacute; th&#7875; d&#7877; d&agrave;ng ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u m&#7899;i v&#7899;i gi&aacute; d&#432;&#7899;i NAV, khi&#7871;n s&#7889; l&#432;&#7907;ng ETH &#273;&#7843;m b&#7843;o cho m&#7895;i c&#7893; phi&#7871;u gi&#7843;m &#273;i v&#297;nh vi&#7877;n.</p>
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<p>&ldquo;N&#7871;u BMNR ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u m&#7899;i v&#7899;i gi&aacute; th&#7845;p h&#417;n NAV&hellip; s&#7889; l&#432;&#7907;ng ETH h&#7895; tr&#7907; cho m&#7895;i c&#7893; phi&#7871;u s&#7869; gi&#7843;m v&#297;nh vi&#7877;n,&rdquo; Tevis nh&#7853;n &#273;&#7883;nh.</p>
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<h3 class="wp-block-heading" id="h-5-equity-vs-spot-eth-questioned">5. C&#7893; phi&#7871;u v&agrave; spot ETH b&#7883; &#273;&#7863;t d&#7845;u h&#7887;i</h3>

<p>Tranh lu&#7853;n c&ograve;n c&#259;ng th&#7859;ng h&#417;n khi m&#7897;t s&#7889; nh&agrave; &#273;&#7847;u t&#432; cho r&#7857;ng h&#7885; n&ecirc;n n&#7855;m gi&#7919; ETH lu&ocirc;n cho y&ecirc;n t&acirc;m. Nh&#7919;ng ng&#432;&#7901;i kh&aacute;c c&#361;ng &#273;&#7891;ng t&igrave;nh, c&#7843;nh b&aacute;o r&#7857;ng &#273;&#7873; xu&#7845;t n&agrave;y &ldquo;m&#7903; &#273;&#432;&#7901;ng cho vi&#7879;c c&#7893; &#273;&ocirc;ng b&#7883; pha lo&atilde;ng b&#7845;t ng&#7901; th&ocirc;ng qua ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u ki&#7875;u ATM&rdquo;.</p>
<p>D&ugrave; ph&#7843;i &#273;&#7889;i m&#7863;t v&#7899;i nhi&#7873;u &yacute; ki&#7871;n tr&aacute;i chi&#7873;u, nhi&#7873;u c&#7893; &#273;&ocirc;ng kh&ocirc;ng &#273;&#7891;ng thu&#7853;n v&#7851;n ti&#7871;p t&#7909;c tin t&#432;&#7903;ng v&agrave;o tri&#7875;n v&#7885;ng c&#7911;a Ethereum v&agrave; &#7911;ng h&#7897; chi&#7871;n l&#432;&#7907;c t&#7893;ng th&#7875; c&#7911;a BitMine.</p>
<p>&#272;i&#7873;u h&#7885; th&#7921;c s&#7921; mong mu&#7889;n l&agrave; c&aacute;c gi&#7899;i h&#7841;n qu&#7843;n tr&#7883; r&otilde; r&agrave;ng h&#417;n, thay v&igrave; trao quy&#7873;n kh&ocirc;ng gi&#7899;i h&#7841;n cho ban l&atilde;nh &#273;&#7841;o trong vi&#7879;c ki&#7875;m so&aacute;t m&#7897;t trong nh&#7919;ng lo&#7841;i t&agrave;i s&#7843;n bi&#7871;n &#273;&#7897;ng nh&#7845;t c&#7911;a th&#7883; tr&#432;&#7901;ng ti&#7873;n m&atilde; h&oacute;a.</p>
