Honestly this one starting to feel less like a pure mining play and more like a crypto treasury story. Recently $BitMine Immersion Tech(BMNR.US) has been making noise around expanding its crypto holdings and pushing into staking strategies, especially around Ethereum exposure. That changes the narrative quite a bit. Instead of just depending on mining margins and electricity cost, now they’re effectively taking directional bets on crypto price plus yield from staking.
For retail investors, this makes valuation tricky because you’re no longer just pricing hash rate or infrastructure, but also treasury strategy risk. Some people compare it to the MicroStrategy model but with ETH flavour.
Personally I see upside if crypto stays strong, but volatility will probably be brutal.
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