Connexus Corp (OTCMKTS:CNXS) Is A Quick Turnaround Bitcoin Play

Bitcoin took a bit of a hit towards the end of June and throughout the start of July, and the dip caught the attention of mainstream media. As it did, we saw the exact opposite of the concept that's been pushing up companies in the space over the last six months do the same to the downside. To explain this a little further, as the price of bitcoin soared throughout the first half of 2017, a large number of companies made sure that public markets knew they were in some way connected to the cryptocurrency sector (and in many instances, these connections were tedious at best) and that, by proxy, they were set to benefit from the boost in valuation of the underlying asset.Investors wanted an indirect exposure to bitcoin and these companies represented just that. Traders wanted to take advantage of the price run without buying bitcoin itself and, again, these companies offered the opportunity to do just that.This is great, so long as price continues to rise. When things take a turn for the worse, however, the thesis reverses. Mainstream media starts to claim that the bitcoin bubble is bursting, the opportunistic sellers take profits and any near term dip in price (which at start was nothing more than a corrective/consolidation type move) becomes something more serious, both for bitcoin as an asset and for the companies that clung onto its coattails on the way up.A perfect example of this is Connexus Corp (OTCMKTS:CNXS).The company is a bitcoin ATM company that – to give credit where credit is due – has actually managed to build up something of a reputation in the space over the last few years. Its business model is rooted in the placing of bitcoin ATMs at various locations (primarily, right now, scattered throughout Nevada) and collecting revenues based on the surcharge it applies to customers when they use the machines to transact.Conexus has a partnership with boxer Mike Tyson that, when it first hit press, was a nice attention grabber, and the Mike Tyson Bitcoin ATM remains in place in Las Vegas for anyone looking to hunt it down, but in all honesty, it's a nonstarter for the company. Tyson's involvement in bitcoin is shady at best and there's practically no value in the company affiliating its own interests with that of the boxer.Anyway, that aside, Connexus has made an effort to get some financials in the hands of investors over the last few weeks and these are now available at its website here. Again, these are nothing to write home about (the company generated something like $630 in surcharge revenues from its first quarter operations) but it’s a bit of clarity into an operation that has been relatively opaque over the last couple of quarters and – for some – that might be enough to warrant a further look.For us, that's not the case. This doesn’t mean, however, that there's no value in an exposure to this one at current prices. Bitcoin is turning around post-correction and – as it does – the concept we outlined above is going to take hold of the public markets once more. Connexus is starting to draw some speculative attention in the more popular financial media (The Street covered the company here and Benzinga did the same recently here) and this, for us, is a sign that the company could be about to wake up and once again start to benefit from the run in the wider cryptocurrency space across the coming months.Make no mistake – this isn’t an argument that there's any inherent value in a bunch of Connexus shares. What there is, however, is the potential for a quick turnaround industry play without having to buy bitcoin and – for us – this makes the company well worth highlighting to our readers, many of which we know love shorter term quick turnaround plays like this.We will be updating our subscribers as soon as we know more. For the latest updates on CNXS, sign up below!Image courtesy of FlickrDisclosure: We have no position in CNXS and have not been compensated for this article.