Bitmine Immersion Technologies (BMNR) Surges 15% as It Becomes Largest Ethereum Holder
Bitmine Immersion Technologies Inc. (NYSEAmerican: BMNR) emerged as one of Wednesday’s top-performing stocks, surging 15.53% to close at $38.47 per share. This marks the second consecutive day of gains for the company, driven by its recent milestone of increasing its Ethereum holdings to $3 billion, making it the largest Ethereum holder globally.
On Monday, Bitmine Immersion announced that it had acquired a total of 833,137 Ethereum coins within just over 30 days, at an average price of $3,491.86 per coin. This significant acquisition propels the company to the position of the third-largest crypto treasury worldwide, trailing only MicroStrategy and MARA Blockchain. The move aligns with Bitmine Immersion’s ETH treasury strategy, unveiled on June 30, which aims to establish the company as a leading global holder of both Bitcoin and Ethereum. Ethereum prices also saw a modest uptick, rising 1.6% to $3,669 at the time of reporting.
“Bitmine moved with lightning speed in its pursuit of the ‘alchemy of 5%’ of ETH, growing our ETH holdings to over 833,000 from zero in just 35 days,” said Thomas Lee, Chairman of Bitmine Immersion Technologies Inc. (NYSEAmerican: BMNR).
