Shares of Bitmine Immersion Technologies (NYSEMKT: BMNR) dropped 24.4% this week as the company, which recently shifted its business model to focus on cryptocurrency investments, particularly Ethereum, faced challenges alongside the broader crypto market. Despite raising over $7 billion through new stock issuances and holding 3.56 million Ethereum tokens, the stock now trades below the market value of its digital assets. This decline raises questions about its investment attractiveness at current levels.
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