Dimitri Semenikhin became the face of the Beyond Meat stock rally in the last week, but he’s already eyeing other opportunities.
The retail investor says he’s got a new target in ETHZilla Corporation, a digital asset treasury that was previously doing business as biotech firm 180 Life Sciences.
The stock has surged in the last week, with the gains piling up in recent days following Semenikhin’s announcement of his investment in a post on YouTube. The stock was up 24% on Monday, adding to gains after a big rally in Friday’s session.
He told Business Insider that his case for the stock is similar to his thesis for why Beyond Meat shares are undervalued.
Many companies have pivoted to digital asset treasuries in 2025, seeing it as a quick way to boost share price growth in a booming crypto market.
For some investors, the trend has been concerning, and recent research estimates that retail investors have lost $17 billion chasing the bitcoin treasury trend this year.
However, Semenikhin is bullish on the entire sector, even as crypto experiences volatility in the final stretch of 2025. He argues that it’s the volatility of digital assets that makes crypto treasuries attractive.
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Semenikhin sees ETHZilla as the best play among crypto treasury stocks right now. Like Beyond Meat, it caught his eye because of what he saw as a misunderstood event that negatively impacted share prices.
In the case of ETHZ, the company announced a 1-for-10 reverse stock split on October 15, pushing the already struggling stock down even further. Semenikhin had based his bullish thesis on Beyond Meat stock around the fact that he thought investors had misunderstood the company’s attempt to reduce its debt through a convertible note exchange.
Like the note offering, a reverse stock split is typically a sign of a distressed company, as it boosts stock prices by reducing the share count. But Semenikhin argues that it was a more bullish development than investors believed it to be.
He said in his post that he purchased 2% of the company’s shares at a 50% discount from their net asset value, unpacking his case for the stock on X.
“ETHZ has 102.3k ETH ($420m) and 560m in cash. This adds up to roughly $62 per share in liquid assets on its balance sheet. [The] business earns 10-12m in net profit per quarter from these.”
He said that when investors look at ETHZilla’s balance sheet, they are seeing its profits from its time as a biotech company, not a crypto treasury. However, he expects the next earnings report, scheduled for November 13, to be a significant catalyst, as it could reveal that the pivot to ethereum has been profitable.
