REX Shares’ T-REX 2X Long BMNR Daily Target ETF Delivers An Ethereum Proxy For Equities Market Speculators
While much of the discourse revolving around cryptocurrencies centers on price speculation, a quieter, less-appreciated transformation is occurring among publicly traded enterprises operating blockchain-adjacent businesses. One of the more notable examples in this emerging space is Bitmine Immersion Technologies Inc. (NYSE:BMNR), which is billed as a digital asset infrastructure firm.
Historically, Bitmine focused on Bitcoin (CRYPTO: BTC-USD) mining, immersion-cooling technology and hosting services, leading to occasional spikes of technical demand. However, the extraordinary popularity of BTC had resulted in a capital-intensive mining operation. Following the 2024 Bitcoin halving event and a reassessment of capital efficiency, management began winding down overtly intensive protocols.
By the middle of this year, Bitmine had pivoted toward a markedly different strategy: positioning Ethereum (CRYPTO: ETH-USD) as the company’s primary treasury reserve asset. So far, the results have been difficult to deny.
On a year-to-date basis, BMNR stock jumped over 302%, with many investors cheering the transition to ETH. At one point, the security commanded a triple-digit price tag. Unfortunately, blockchain-adjacent businesses tend to be volatile and Bitmine was no exception. For example, since the close of July 3, Bitmine had actually lost about 77% of value.
Still, it’s also fair to point out that BMNR stock has enjoyed some stabilization in recent sessions. In the trailing month, the security gained 1% — indicating longer-scale digestion of fundamentals rather than the wild spikes in valuation that occurred in the prior paradigm.
Much of the relative stabilization appears to be a direct result of its business transition. Rather than focusing on hash rate expansion — the rapid increase in total computational power involved in …
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