He's reluctant to assign a rating or price target, but Canaccord Genuity analyst Robert Young says keep an eye on Ether Capital (Ether Capital Stock Quote, Chart, News: ETHC:NEO). In a research report to clients today, Young initiated coverage of Ether Capital with no target or rating. The analyst explained his reasoning. "For the time being, ETHC can be viewed as a proxy for Ethereum," he said. "We are reluctant to assign a price target to a volatile cryptocurrency but we outline the risks, rewards, and considerations we see associated with such an investment. We will consider publishing estimates and a recommendation as the valuation of the business becomes less dependent upon Ethereum through the execution on its incubation\/acquisition strategy or as Ethereum volatility stabilizes." Young notes that the company's strategy involves acquiring Ethereum-related businesses and buying and holding Ether, of which it currently has 42,587 units, which currently represents more than $30.0-million dollars. The analyst provided more detail on what Ether Capital is trying to accomplish. "Ether Capital is a Canadian company that has a stated objective of becoming the central business and investment hub for the Ethereum ecosystem," Young notes. "The company believes that Ethereum will become the backbone for enterprise applications and is intent on extracting as much value as possible from the growing ecosystem. The company\u2019s two-fold business plan involves holding Ether cryptocurrency and, within the next two years, investing in Ethereum-based companies and projects with disruptive potential. Until an acquisition occurs, Ether Capital can best be thought of, in our view, as an investment vehicle in Ethereum that bypasses the arduous process of setting up and maintaining a cryptocurrency wallet."