"If you're a cryptocurrency believer but don't want to bother with cold wallets and crypto exchanges, there's an indirect way to invest in Ethereum ( CRYPTO:ETH). You can get immediate exposure to Ethereum's price movements with shares of Bitmine Immersion Technologies ( NYSEAMERICAN:BMNR) stock. Although it's a relatively new company, Bitmine Immersion Technologies is definitely making waves in the crypto-sphere. The chairman of Bitmine Immersion Technologies is none other than Thomas "Tom" Lee, a co-founder of Fundstrat Global Advisors and a loud-and-proud Ethereum cheerleader."
"It's not difficult to summarize the business model of Bitmine Immersion Technologies. The company is an Ethereum treasury company, which is a fancy way of saying that it stockpiles large quantities of Ethereum. It seems that Lee and Bitmine Immersion Technologies don't just want to stockpile Ethereum; they may also seek to influence the Ethereum market to a certain extent. Already, Bitmine Immersion Technologies controls around 2.8% of the circulating supply of Ethereum."
"Lee's objective for Bitmine Immersion Technologies' is to control 5% of Ethereum's circulating supply. "We are now more than halfway towards our pursuit of 5% of ETH," Lee proudly declared. At the company's current rate of Ethereum acquisition, Bitmine Immersion Technologies could easily reach that 5% goal. Just recently, Bitmine Immersion Technologies purchased 82,353 ETH, thereby bringing the company's total position to 3.4 million ETH."
Bitmine Immersion Technologies functions as an Ethereum treasury company that stockpiles large quantities of ETH and offers exposure to Ethereum through BMNR stock. Thomas "Tom" Lee serves as chairman and aims to grow the company's influence within the Ethereum market. The company currently controls around 2.8% of Ethereum's circulating supply and recently purchased 82,353 ETH, bringing its position to 3.4 million ETH. The stated objective is to control 5% of circulating ETH, a target reachable at current acquisition rates. Potential upside exists for BMNR stock, but substantial risks remain and over-allocation is not advised.
Read at 24/7 Wall St.
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