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Shares of Bitmine Immersion Technologies Inc. (NYSE:BMNR) are gaining on Thursday morning, trading higher as major digital assets extend their upward momentum.
- BitMine Immersion shares are powering higher. Why are BMNR shares rallying?
Crypto Treasury Value Expands On Price Momentum
The stock’s strength comes as Bitcoin(CRYPTO: BTC) trades near $68,100 and Ethereum(CRYPTO: ETH) pushes past $2,290, directly boosting the net asset value of Bitmine’s crypto-heavy balance sheet.
Management Update Highlights $11.4 Billion Treasury
Building on market tailwinds, management released an update on August 17 detailing the company’s vast digital asset reserves. Executive Chairman Tom Lee stated, “Bitmine crypto + total cash & marketable securities + ‘moonshots’ holdings total $11.4 billion, including 5.82 million ETH tokens…”
Addressing the company’s progress toward acquiring 5% of the global Ethereum supply, an initiative dubbed the ‘Alchemy of 5%’, Executive Chairman Tom Lee noted that “Bitmine owns 4.8% of the total ETH coin supply of 120.7 million. Bitmine is 96% of the way to the ‘Alchemy of 5%’ in just 14 months.”
With over 5 million ETH actively staked to generate recurring yield, Bitmine offers investors high-beta equity exposure to this week’s Ethereum rally.
BMNR Shares Surge Thursday Morning
BMNR Price Action: BitMine Immersion shares were up 7.86% at $21.82 during premarket trading on Thursday
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