BitMine Stock Is Trading Higher Wednesday: What's Going On?

BitMine Immersion Technologies, Inc. BMNR shares are trading higher Wednesday after a Schedule 13G filing revealed that FF Consumer Growth, a firm linked to billionaire investor Peter Thiel, has taken a stake in the company.

What To Know: As of July 8, FF Consumer Growth holds a passive 9.1% ownership in BitMine.

On Monday, BitMine said it now holds more than $500 million worth of Ethereum ETH/USD as part of its long-term treasury strategy. The company acquired 163,142 ETH at an average price of $3,072.67.

The company noted it doubled its Ethereum holdings just three days after closing a $250 million private placement, and said its goal is to grow ETH per share through reinvestment, capital markets activity, and staking.

How To Buy BitMine Shares

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in BitMine's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

See Also: Cheaper Than 2008—Is This Wall Street’s Forgotten Sector A Screaming ‘Buy’?

BNMR Price Action: At the time of writing, BitMine shares are trading 20.7% higher at $48.14, according to data from Benzinga Pro.

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