Bitmine Immersion

Bitmine owns about 5.5 million Ethereum coins, the biggest stash held by any public company anywhere, which gives you exposure to Ethereum through a normal stock in your brokerage. On top of simply holding it, the company stakes most of that Ethereum through its own network and earns income at a gross margin near 97 percent, so the coins actually work rather than just sitting there.

Because the stock has fallen so hard, it has at times traded at or even below the value of the Ethereum it owns. In plain terms, you could buy roughly one dollar of Ethereum for around ninety cents just by owning the shares, and the company keeps adding more, recently reaching about 5 percent of the entire Ethereum supply.

This is one of the most volatile things you can own. In just three weeks the company's total holdings fell from about 12.6 billion dollars to 9.6 billion dollars, purely because Ethereum's price dropped, even though it actually bought more Ethereum during that time. If Ethereum falls, this stock can fall just as hard or harder.

The company loses money on a reported basis, mostly because the value of its Ethereum keeps getting marked down, and it burned about 316 million dollars of cash in six months. To keep buying Ethereum it more than doubled its share count from about 232 million to 570 million shares in under a year, which chips away at what each share is worth, and it just took on a 9.5 percent dividend it now has to pay every year.