Why Bitmine Immersion Technologies Collapsed 24.4% This Week

Shares of Bitmine Immersion Technologies (NYSEMKT: BMNR) slipped 24.4% this week, according to data from S&P Global Market Intelligence. With a recent business model change to a cryptocurrency treasury company focused on buying Ethereum, Bitmine Immersion stock has suffered along with the rest of the cryptocurrency market this week. In fact, as of the market close, it looks like the stock now trades at a price below the market value of the digital assets on its balance sheet.Here's why Bitmine Immersion Technologies stock fell this week, and whether it is a buy at current levels. After getting a new management team and raising over $7 billion through issuing new shares of common stock, Bitmine Immersion Technologies transformed itself into an investment vehicle for cryptocurrencies, specifically focused on Ethereum. As of its latest update, the company held 3.56 million Ethereum tokens on its balance sheet.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool