Bitmine Shares Jump 24% After Boosting ETH Holdings by $2 Billion
$BitMine Immersion Technologies Inc.(BMNR)$ shares climbed more than 24% Monday after the blockchain technology company said it has increased its $Ethereum (ETH.CC)$ holdings by $2 billion, making the company the largest holder of that cryptocurrency.
The company holds more than 1.15 million ETH worth about $4,311 each as of Aug. 10, it said in a press release Monday. With its total holdings valued at $4.98 billion, the company now ranks as the third largest crypto treasury in the world, behind only MicroStrategy and Mara Blockchain, it said.
More than 92 million Bitmine shares were traded last Friday, almost triple its volume a week earlier, as the stock climbed 51% since June 30, when it launched its ETH treasury strategy.
The stock now ranks as the 25th most active in the U.S., just behind Costco and ahead of Micron and JPMorgan, the company said in its press release, citing data from statistica.com and Fundstrat research.
Thomas "Tom" Lee of Fundstrat is the chairman of BitMine's board of directors.
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