Why Bitmine Immersion Technologies Stock Collapsed This Week

Shares of Bitmine Immersion Technologies (NYSEMKT: BMNR) have fallen around 20% this week, according to data from S&P Global Market Intelligence. The newly formed cryptocurrency treasury operation focused on Ethereum has fallen alongside a crash in the aforementioned crypto's price this week. In the last month alone, Ether's price has fallen 36%, which is leading to huge unrealized losses on its crypto investment. Despite this, Bitmine continues to buy more Ether for its portfolio. Does that mean you should buy the dip on this stock? Earlier this year, Bitmine got a new start with prominent technology and crypto investors Dan Ives and Tom Lee spearheading an operation to turn the company into a publicly traded cryptocurrency treasury business. However, unlike Strategy and its focus on Bitcoin, Bitmine would be focused on Ether/Ethereum, the second-largest cryptocurrency by market value.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool