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BitMine Immersion Technologies Inc (AMEX:BMNR) shares are trading higher on Monday amid strength in broader crypto markets, specifically Ethereum (CRYPTO: ETH) prices. BitMine on Monday provided an update on its Ethereum holdings.
What Happened: Several crypto-related stocks, including BitMine, are rising to start the week as crypto prices move higher. Bitcoin is up about 1.79% over a 24-hour period, trading near all-time highs, and Ethereum is up about 3.6%, hovering around $4,700. The strength in crypto markets is benefitting crypto-linked stocks as the value of underlying holdings increases.
BitMine announced on Monday that it now owns more than 2% of the total ETH token supply as it pursues what the company calls the “alchemy of 5%.” The company maintains the ORBS), and unencumbered cash of $456 million.">world’s largest Ethereum treasury and ranks as the second-largest global crypto treasury behind Strategy, which holds 640,031 Bitcoin valued at $79 billion.
BitMine said its crypto, cash and “moonshots” holdings now total $13.4 billion. As of Oct. 5, the company’s holdings included 2.83 million ETH, 192 Bitcoin and unencumbered cash of $456 million. BitMine also holds a $113 million stake in Eightco Holdings (NASDAQ:ORBS).
“We remain confident that the two Supercycle investing narratives remain AI and crypto. Naturally, Ethereum remains the premier choice given its high reliability and 100% uptime,” said Fundstrat’s Tom Lee, chairman of BitMine.
“As we mentioned in our August Chairman’s message, the power law benefits large holders of ETH, hence, we pursue the ‘alchemy of 5%’ of ETH.”
BitMine has emerged as one of the most actively traded stocks in the U.S., with average daily dollar volume of $2.5 billion over the past five days as of Oct. 3, ranking 28th among 5,704 U.S.-listed stocks, according to Fundstrat. The company is backed by institutional investors including ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera and Galaxy Digital.
BMNR Price Action: BitMine shares were trading higher by 10.19% to $62.51 on Monday at the time of publication, according to Benzinga Pro.
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