Crypto
BMNR Downgraded to Neutral Amid Increased Risk
Anna, an experienced analyst, has downgraded Bitmine Immersion Technologies, Inc. (BMNR) to neutral after a 77% run since her July upgrade.
In that time, Ethereum (ETH-USD) hit a low of around $1,750 and rebounded, taking BMNR with it.
However, Anna notes that Bitmine now adds roughly 10x less ETH per week than it did a year ago, and has cut back on buybacks during the weakest months for Ethereum this year.
The mismatch between BMNR's preferred coupons, which run at 9.5% annually in weekly cash installments, and its staking rewards paid in ETH is biting when Ethereum falls.