Bitmine (BMNR) Jumps 15% on Becoming Largest ETH Holder

We recently published 10 Stocks With Easy 15-30% Upside. Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) is one of the best-performing stocks on Wednesday.

Bitmine Immersion extended its rally for a second day on Wednesday, jumping 15.53 percent to close at $38.47 apiece after hiking its Ethereum ownership to $3 billion, making it the largest holder of the said cryptocurrency to date.

Last Monday, Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) said it raised its ownership in Ethereum to a total of 833,137 in just over 30 days. The coins bear an average price of $3,491.86.

Following the acquisition, Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) now ranks as the third largest crypto treasury in the world, next to Microstrategy and MARA Blockchain.

The recent acquisition forms part of the company’s ETH treasury strategy announced on June 30 as it eyes becoming one of the major holders of Bitcoin and Ethereum coins globally.

Meanwhile, Ethereum prices were up by 1.6 percent to $3,669 as of this writing.

“BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5 [percent]’ of ETH, growing our ETH holdings to over 833,000 from zero 35 days ago,” said Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) Chairman Thomas Lee.

While we acknowledge the potential of BMNR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.