BitMine Immersion Technologies Inc. (NASDAQ:BMNR) shares climbed on Friday as markets rallied following dovish remarks from Federal Reserve Chair Jerome Powell.
- BMNR stock rocketed higher. See the chart here.
Crypto Explodes Higher
Cryptocurrencies soared after Powell hinted at possible interest rate cuts, fueling optimism across digital assets.
Ethereum (CRYPTO: ETH) was up 14% and Bitcoin (CRYPTO: BTC) rose 3.76% at the time of publication Friday.
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BitMine on Monday announced that its crypto holdings now consist of approximately 1.52 million ETH and 192 Bitcoin, making it the largest Ethereum treasury company and second-largest global crypto strategy behind Strategy.
The company's ETH holdings were up more than 373,000 since BitMine reported total holdings valued at $4.96 billion last week.
"In just a week, BitMine increased its ETH holdings by $1.7 billion to $6.6 billion (adding over 373,000 tokens from 1.15 million to 1.52 million tokens), as institutional investors have expressed interest and support for our pursuit of the ‘alchemy of 5%' of ETH," said Tom Lee, chairman of BitMine.
Friday's ETH rally, triggered by risk-on sentiment and a rebound above $4,650, directly increased BMNR's asset value and attracted bullish investors.
Options activity also rose sharply on Friday, with aggressive call buying as traders positioned for further gains. BitMine's options volume was more than double the daily average with 348,000 contracts traded and calls leading puts for a put/call ratio of 0.33, according to The Fly.
BMNR Stock Price
BitMine Immersion shares ended Friday's session 12.07% higher at $53.49, according to data from Benzinga Pro. BMNR stock has gained more than 32% over the past month.
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