Why Did BMNR Stock Surge 11% Today?

Bitmine disclosed the latest value of its assets, which include crypto holdings and equity stakes in companies, among other things.

• The company stated that as of July 5, 6:30 p.m. ET, its Ethereum holdings stood at more than 5.7 million, while its Bitcoin holdings were at 206.
• On the same date, Bitmine said its total staked ETH stands at $8.8 billion at $1,800 per ETH, and estimates ETH staking reward of $277 million on an annualized basis.
• Including crypto and other assets, Bitmine calculated the total value of its holdings at $11.1 billion.

Shares of Bitmine Immersion Technologies (BNMR) surged on Monday after the company disclosed the latest data on its asset holdings.

At the time of writing, BMNR stock was up more than 11% and was on track to close in the green for a third consecutive day.

BNMR’s Latest Update

The company stated that as of July 5, 6:30 p.m. ET, its Ethereum holdings stood at more than 5.7 million, while Bitcoin was at 206. It held an $180-million stake in Beast Industries, a holding company owned by popular YouTuber MrBeast, and a $71-million stake in Eightco Holdings (ORBS), which has exposure to Sam Altman-led startup OpenAI. The company also reported $527 million in cash and marketable securities.

Cumulatively, the company calculated the total value of its holdings at $11.1 billion and highlighted that it held 4.8% of the total Ethereum supply of 120.7 million.

As of the same date, Bitmine said its total staked ETH stands at $8.8 billion at $1,800 per ETH, and estimates ETH staking reward of $277 million on an annualized basis.

Recent Russell 1000 Addition Of BMNR

In late June, the company joined the Russell 1000 Large-cap Index, becoming one of the handful of crypto firms added to the coveted list, which it expects will improve its market visibility and attract attention from prominent institutional investors.

"Being added to the Russell 1000 is expected to add hundreds and possibly thousands of additional institutional investors as equity owners of Bitmine," chairman Tom Lee said in a statement.

What Retail Traders Think About BMNR

On Stocktwits, retail sentiment toward the stock remained in ‘bullish’ territory over the last 24 hours.

BMNR shares have lost 43% in value so far this year and declined roughly 86% over the last 12 months, underperforming the benchmark index.

For updates and corrections, email newsroom[at]stocktwits[dot]com<