BMNR Stock Rallies As Ethereum Holdings Surge To Nearly $5B
Synopsis
The company remains the largest corporate holder of Ethereum with over 1.15 million tokens in its treasury.
Shares of Bitmine Immersion Technologies (BMNR) surged over 12% in pre-market trade on Monday after the company announced it had boosted its Ethereum (ETH) holdings from 833,137 to 1.15 million tokens.
"In just a week, BitMine increased its ETH holdings by $2.0 billion to $4.96 billion (from 833,137 to 1.15 million tokens), lightning speed in the company's pursuit of the 'alchemy of 5%' of ETH," said Thomas Lee of Fundstrat, Chairman of BitMine's Board of Directors.
The company is currently the largest corporate holder of Ether. BMNR stock had gained 25% on Friday, when Ethereum’s price crossed $4,000 for the first time this year. On Stocktwits, retail sentiment around the shares improved to ‘extremely bullish’ from ‘bullish’ a week ago. BMNR was among the top trending stocks on the platform at the time of writing.
Ethereum’s price, meanwhile, was up over 1% in pre-market U.S. trading hours after hitting a four-year high of $4,332 over the weekend. On Monday morning, the cryptocurrency traded at $4,244 at the time of writing. On Stocktwits, retail sentiment around ETH moved higher within ‘bullish’ territory.
Get updates to this developing story <directly on Stocktwits.<
Read also: Peter Thiel-Backed Bullish Targets $4.82B Valuation After Upsizing US IPO
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.