Bitmine Immersion Technologies, once trading at $161, now sits at $26 with a market cap equal to its Ethereum holdings. Despite being the largest corporate holder of Ethereum, it’s trading at a low multiple of 1.03, indicating minimal value beyond its crypto stash. With Ethereum trading at a 45% discount, investors wonder if the company is fairly valued, especially as its stock fails to gain traction. Analysts suggest buying Ethereum directly over Bitmine due to the lack of return for the risk involved. The company’s future remains uncertain as it struggles to justify its valuation.

Read more at Nasdaq: Is Bitmine Immersion Technologies an Underrated Crypto Play?