Crypto executive Kain Warwick, the founder of Synthetix and Infinex, is set to pay up to $50,000 after wagering that Ether would hit $25,000 in 2025, joining a growing number of participants who overestimated Ether’s recovery after its October dip. Ether ended Dec. 31 trading at roughly $2,980, about 13.7% lower for the year, according to CoinMarketCap. Much of the decline stemmed from a $19 billion market-wide liquidation on Oct. 10 that drove Ether down to around $2,767 before it gradually recovered.
The bet came from an exchange between Warwick and Multicoin managing partner Kyle Samani in November. Samani doubted the chances that Ether could recover and hit $25,000 by the end of the year. Warwick disagreed, making a bet at 10:1 odds that it had a chance.
BitMine shifted from operating as a Bitcoin mining and holding company to an ETH treasury strategy in 2025, but it still retains some of its Bitcoin operations. Lee said BitMine’s share price closely tracks the price of Ether, and that he modeled potential future valuations using the ETH/BTC ratio. According to Lee, ETH could reach $250,000 if Bitcoin climbs to $1 million, a scenario that would push BitMine’s share price to levels inaccessible for most retail investors.
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