BitMine Immersion Technologies Inc (AMEX:BMNR) shares are rising Monday after rallying about 24.5% on Friday. Here’s a look at what’s going on.
What To Know: BitMine stock is trending to start the week amid an increase in the price of Ethereum (CRYPTO: ETH). Broader crypto markets are seeing strong momentum after President Donald Trump signed an executive order last week allowing for the addition of cryptocurrencies in 401(k) retirement plans.
Ethereum hit new four-year highs over the weekend after breaking through resistance around the $4,000 level and climbing above $4,300 before pulling back a bit. BitMine has been accumulating ETH, the native cryptocurrency of the Ethereum blockchain, in recent weeks after the company announced a strategy pivot to focus on Ethereum in late June.
BitMine on Monday announced that it held a total of 1.15 million ETH as of Aug. 10, making the company the largest ETH treasury in the world. The company’s total ETH holdings value was reported at $4.96 billion, up from $2.9 billion reported a week earlier.
“In just a week, BitMine increased its ETH holdings by $2.0 billion to $4.96 billion (from 833,137 to 1.15 million tokens), lightning speed in the company’s pursuit of the ‘alchemy of 5%’ of ETH,” said Fundstrat’s Tom Lee, who was recently appointed chairman of BitMine’s board.
“We are leading crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock.”
BMNR Price Action: BitMine shares were up 13.7% at $58.53 at the time of publication Monday, according to Benzinga Pro.
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