Bitmine Immersion Technologies (BMNR) plunged 24% this week after shifting its business model to focus on holding Ethereum. The stock now actually trades below the value of its Ethereum holdings. Despite raising over $7 billion and holding 3.56 million Ethereum tokens, the company’s value has fallen with the broader crypto market. The logic here looks off: why buy shares in a company that just buys Ethereum when you could just buy the cryptocurrency directly and avoid corporate overhead and dilution risk? Seems like another roundabout way for management to make a business out of something retail investors can already do themselves.