Bitmine shares rise as crypto treasury update lifts BMNR
Bitmine Immersion Technologies shares trade higher as management says its combined crypto, cash and strategic investments reached $11.4 billion and its ETH holdings reached 5.82 million tokens.
Shares of Bitmine Immersion Technologies Inc (NYSE: BMNR ) are trading higher Wednesday afternoon as momentum builds across digital asset markets.
The stock is catching a bid as Bitcoin (CRYPTO: BTC) trades above $68,500 and Ethereum (CRYPTO: ETH) approaches $2,100.
Here’s what investors need to know.
BitMine Immersion shares are powering higher.
Why is BMNR stock up today? Management Update & Treasury Expansion In an update on Monday, Bitmine management announced that the company’s combined treasury of crypto, cash and strategic investments reached $11.4 billion.
The company now holds 5.82 million ETH tokens, representing 4.8% of the global Ethereum supply, with 5.07 million staked ETH.
Bitmine also has a total of 210 Bitcoin.
Addressing the aggressive accumulation strategy, management highlighted that Bitmine is 96% of the way toward its goal of holding 5% of the total ETH supply.
To enhance shareholder value alongside token accumulation, management reported repurchasing 1.7 million common shares last week, bringing total buybacks to over 20.8 million shares under its $4 billion repurchase program.
BMNR Shares Surge Wednesday Afternoon BMNR Price Action: BitMine Immersion shares were up 13.35% at $20.72 at the time of publication on Wednesday, according to Pro data.
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