B. Riley Initiates Coverage on Bitmine Immersion Technologies (BMNR) with a Buy Rating, $90 PT

Bitmine Immersion Technologies Inc. (NYSE:BMNR) is one of the most buzzing stocks to buy with huge upside potential. On October 16, B. Riley analyst Fedor Shabalin initiated coverage of Bitmine Immersion with a Buy rating and $90 price target. Shabalin believes that these businesses that operate in the blockchain tech sector, with a focus on industrial-scale digital asset mining, primarily hold cryptocurrencies, functioning similarly to closed-end funds.

Such firms offer investors an opportunity for leveraged exposure to cryptocurrency returns. B. Riley recommends that investors who are optimistic about the future of the crypto market should consider these companies for potential gains.

Bitmine Immersion Technologies Inc. (NYSE:BMNR) operates as a blockchain technology company primarily in the US. The company was formerly known as Sandy Springs Holdings Inc.

While we acknowledge the potential of BMNR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.