BitMine Immersion Technologies Stock Is Soaring: What's Going On?

BitMine Immersion Technologies Inc BMNR shares are trading higher Monday after the company provided an update on its Ethereum ETH/USD treasury strategy.

What Happened: BitMine announced that it’s now holding a total of $163,142 ETH, the native cryptocurrency of the Ethereum blockchain. The company said its total holdings are now valued at more than $500 million, which is more than 100% of the company’s PIPE proceeds.

BitMine closed on its initial private placement of $250 million on July 9. Fundstrat's Tom Lee was also appointed chairman of the company's board, which has helped spark significant investor interest in companies adopting ETH strategies.

Before the deal was announced, BitMine had a market cap of just $25.86 million and shares had fallen around 45% since the start of the year. BitMine had a market cap of approximately $2.10 billion as of Friday’s market close, according to Benzinga Pro.

“Since closing on the $250 million private placement, we have surpassed $500 million in Ethereum holdings, which validates our mission to increase our stake in the Ethereum network,” Lee said on Monday.