BitMine Immersion Shares Rise After Ethereum Holdings Surpass $2 Billion

Shares of BitMine Immersion Technologies Inc. BMNR are trading higher Thursday after the company announced its Ethereum holdings have exceeded $2 billion.

What To know: The announcement comes just over two weeks after BitMine closed a $250 million private placement to advance its Ethereum treasury strategy.

According to the company, BitMine now holds 566,776 ETH, valued at approximately $3,643.75 per token as of July 23, based on Bloomberg data. The current holdings represent a more than 700% increase in value relative to the capital raised through the initial private placement. BitMine is pursuing what it calls an "asset-light treasury strategy," focused on accumulating and staking Ethereum to increase ETH held per share.

Chairman Tom Lee of Fundstrat noted that the company is progressing toward its longer-term target of owning 5% of the total ETH supply. The growth in ETH reserves reflects a combination of reinvested cash flows, capital markets activity and returns from staking, all of which are designed to enhance shareholder value over time.

CEO Jonathan Bates emphasized the company's commitment to supporting the broader Ethereum ecosystem through its growing holdings and staking activities. BitMine sees its Ethereum-centric approach as a way to align with the long-term growth of decentralized finance and Web3 infrastructure.

The stock's upward move reflects investor confidence in the company's strategy and in the growing role of Ethereum as a financial asset. BitMine's performance this month has drawn attention from market watchers, especially given the pace at which it has scaled its ETH reserves since early July.

BMNR Price Action: BitMine Immersion shares were up 10.0% at $43.45 at the time of writing, according to Benzinga Pro.

Read Next:

• Tesla Stock Faces ‘Critical Milestone’ Ahead: Here’s What Analysts Are Flagging As Next Key Catalyst

Image Via Shutterstock.