What to know:
- BitMine Immersion Technology acquired $2 billion in Ether last week, enhancing its total to nearly $5 billion.
- The firm was ranked as the 25th most active stock in the U.S. markets with a daily trading volume reaching $2.2 billion last week.
- Shares of BMNR surged nearly 10% in pre-market trading, following a previous increase of 25% on Friday.
BitMine Immersion Technology (BMNR), which transitioned from a bitcoin mining company to an ether treasury under the guidance of Tom Lee from Fundstrat, announced it has added approximately $2 billion worth of tokens within a week, pushing its total holdings toward $5 billion.
The ETH reserves exceeded 1.15 million tokens as of last Sunday evening, rising from 833,137 a week earlier.
BMNR stock saw a rise of over 10% in pre-market trading at around $57, following a nearly 25% increase from Friday’s trading session. The firm stated that its shares have become one of the most actively traded stocks in the U.S., accumulating a daily trading volume of $2.2 billion last week, ranking it above major entities like JPMorgan and Micron Technology.
“We are leading crypto treasury competitors in terms of both raising crypto NAV (Net Asset Value) per share and the high liquidity in our stock market,” stated Chairman Tom Lee.
BitMine’s strategy is focused on acquiring more ETH and staking tokens for returns, vying for market segment dominance alongside competitors such as SharpLink Gaming. The company ultimately aims to capture 5% of the ether supply, which is valued at over $25 billion considering the current prices. This “buying frenzy” among treasury-operated digital asset companies has contributed to the ETH market rally, which saw prices exceed $4,300 during the weekend.
