Bitmine Immersion rises as Bitcoin and Ethereum extend gains
Bitmine Immersion Technologies shares are trading higher as Bitcoin and Ethereum extend their upward momentum, with the company saying its crypto, cash and marketable securities plus moonshots holdings total $11.4 billion.
Shares of Bitmine Immersion Technologies Inc. (NYSE: BMNR ) are gaining on Thursday morning, trading higher as major digital assets extend their upward momentum.
BitMine Immersion shares are powering higher.
Why are BMNR shares rallying? Crypto Treasury Value Expands On Price Momentum The stock’s strength comes as Bitcoin (CRYPTO: BTC) trades near $68,100 and Ethereum (CRYPTO: ETH) pushes past $2,290, directly boosting the net asset value of Bitmine’s crypto-heavy balance sheet.
Management Update Highlights $11.4 Billion Treasury Building on market tailwinds, management released an update on August 17 detailing the company’s vast digital asset reserves.
Executive Chairman Tom Lee stated, “Bitmine crypto + total cash & marketable securities + ‘moonshots’ holdings total $11.4 billion, including 5.82 million ETH tokens…” Addressing the company’s progress toward acquiring 5% of the global Ethereum supply, an initiative dubbed the ‘Alchemy of 5%’, Executive Chairman Tom Lee noted that “Bitmine owns 4.8% of the total ETH coin supply of 120.7 million.
Bitmine is 96% of the way to the ‘Alchemy of 5%’ in just 14 months.” With over 5 million ETH actively staked to generate recurring yield, Bitmine offers investors high-beta equity exposure to this week’s Ethereum rally.
BMNR Shares Surge Thursday Morning BMNR Price Action: BitMine Immersion shares were up 7.86% at $21.82 during premarket trading on Thursday, according to Pro data.
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