This Ethereum Treasury Company Is Close to Owning 5% of All ETH in Circulation. Does That Make It a Buy?
BitMine continues to buy Ethereum at a rapid clip, but where's the payoff for investors?
BitMine Immersion Technologies (NYSE: BMNR) has emerged as the largest Ethereum (CRYPTO: ETH) treasury company globally, with a current ownership of 4.88% of all Ethereum in circulation. Over the past year, the company's aggressive buying spree has propelled it towards the 5% ownership milestone, which it aims to achieve by the end of the year.
While BitMine can serve as a proxy stock for those seeking exposure to Ethereum without directly purchasing the asset, the author expresses skepticism about investing in digital asset treasury companies. They argue that such a strategy is akin to dollar-cost averaging into ETH and question whether investors should pour their money into these companies.
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