Is Bitmine Immersion Technologies an Underrated Crypto Play?

Until last July, chances are, most crypto investors had never even heard of Bitmine Immersion Technologies (NYSEMKT: BMNR). At the time, it was a relatively tiny Bitcoin (CRYPTO: BTC) mining company that had fallen out of favor with investors years ago.But something fascinating happened in July. Bitmine Immersion Technologies transformed into an Ethereum (CRYPTO: ETH) treasury company, and began buying Ethereum like there was no tomorrow. The company now holds 3.5% of all Ethereum in circulation, and ranks as the biggest corporate holder of Ethereum in the world. For those reasons alone, it could be worth a closer look by crypto investors.The big question, of course, is whether Bitmine Immersion Technologies is fairly valued at a current price of $26. That's a steep discount from the $161 price it had been trading at during the summer. The current price gives Bitmine Immersion Technologies an implied market cap of roughly $12 billion.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool