Bitmine Immersion Technologies (NYSE: BMNR) is a digital ***** et treasury (DAT) company led by chairman Tom Lee, and it's been buying Ethereum (CRYPTO: ETH) weekly for 14 months. On Aug. 17 alone, it bought 9,926 ETH worth around $19 million, only to buy another 32,447 ETH just six days later. The coin's price is up by 28% in the 30 days ending on Aug. 27 alone, a stunning reversal after months of weakness.
But does any of this mean investors should load up on Ethereum like Tom Lee is?
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
As a digital ***** et treasurer, Bitmine is designed to buy and hold as much of one crypto ***** et as it can get its hands on. In this case, that ***** et is Ethereum.
The business model is to issue new shares of its stock, use that capital to buy more coins, and then rinse and repeat. As long as the stock trades above the value of the coins backing each share -- which is a very big and not at all safe ***** umption to make -- each new share sold buys more Ethereum than it dilutes, so that the cycle can continue.

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