Is Connexus Corp (OTCMKTS:CNXS) Poised For A Run?

Across the last six months or so we've been trying to pick top cryptocurrency stocks for our readers. The space is on fire right now and there are numerous opportunities to draw a profit from the shift of the digital asset into the mainstream. Almost all have risen in value, but some of the companies that we have highlighted have had more solid ties to bitcoin and other digital currencies than others.One that we looked at back in July is Connexus Corp (OTCMKTS:CNXS). The company is a bitcoin ATM play and – at the time of our coverage – it was trading in the low treble zeroes. Fast forward a few weeks and, aside from a small run early August, there hasn’t really been too much price action to speak of.Behind the (relative lack of) price action, however, there has been plenty of shares trading hands. Volume hit 500 million plus on August 14 and 15 consecutively, compared to average volume of in and around 100 million. The company ran to $0.003 back in June from $0.0004 practically overnight on volume in and around the just noted average. That more than a billion shares should trade hands and price not really move is – for us – a signal that this one is worth keeping an eye on right now.There haven’t been any updates from Connexus in terms of operational advance. Management put out these financials (listed on the website) back in June, which served to offer some insight into the performance of the company's ATM model during the first quarter of 2017. We won't go into too much detail on the numbers here (because there's not much worth talking about) but suffice to say that there's very little going on behind the curtain – the company collects some transaction fees on its ATM usage – and there's nothing on the books in terms of liquid assets and $30,000 or so in equipment.That seems a bit bleak, but not so fast.Despite its seeming inactivity, the company is picking up a considerable amount of attention across the mainstream financial media. CNBC, Benzinga and The Street have all highlighted Connexus as a potential exposure to the bitcoin space for a public market trader. As mentioned above, this is far from the only play in the space. We could pick a handful of others based on our coverage of the space during the last two weeks alone that look like they might make more solid (from a risk perspective) allocations. So why is Connexus getting all the attention?We're not sure, but we think any shorter term operators out there looking for a punt would be foolish to overlook it. A billion shares trading hands at five times average daily volume (and we're being conservative with the 100 million daily figure here) and a spate of fairly sized outlets picking the stock as a top play against a backdrop of some far more obvious exposures to the space tells us that something is going on behind the scenes and that – in turn – this something could be about to get the company moving as we head into the latter half of the third quarter.It’s not a risk-free play, far from it. It's not anything, in fact, outside of a speculative punt. With that said, we've seen these sorts of inputs combine to get a company moving in the past and if there's a space that's ripe for this sort of activity right now it's the cryptocurrency arena.We'll be keeping a close eye on Connexus near term and we'll update our readers if anything else comes into the fray.Check out our previous coverage of this one here. We will be updating our subscribers as soon as we know more. For the latest updates on CNXS, sign up below!Image courtesy of Kodisto via FlickrDisclosure: We have no position in CNXS and have not been compensated for this article.