Bitmine (BMNR) Jumps 12% as ETH Soars to New High

We recently published 10 Stocks With Eye-Popping Gains Amid Wall Street Cheer. Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) is one of the top performers on Friday.

Bitmine Immersion rebounded by 12.07 percent on Friday to close at $53.49 apiece as investors gobbled up shares amid Ethereum’s surge to a new record high, buoyed by an overall market optimism.

During the session, the cryptocurrency soared to a new high of $4,866, mirroring an overall rally in both crypto and stocks after Federal Reserve Chairman Jerome Powell hinted at rate cuts beginning next month.

Being Ethereum’s largest treasury holder, investor funds flocked to Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR), with the cryptocurrency currently up by 14 percent.

Last week, the company said that it is now the largest ETH treasury holder globally, owning as much as $6.612 billion of ETH.

In its updated report, it said crypto holdings are comprised of more than 1.5 million ETH with an average price of $4,326 apiece. It also owns 192 Bitcoins in its treasury.

“As we continue to say, we are leading crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock,” said Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) Chairman Thomas Lee.

“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” he added. “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.”

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