Bitmine (BMNR) Soars 11% on Billion-Dollar Ethereum Ownership

We recently published 10 Stocks Investors Are Gobbling Up. Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) is one of the top performers on Monday.

Shares of Bitmine Immersion rallied for a fourth straight day on Monday, jumping 11.38 percent to close at $63.10 apiece following news that it has raised its ownership in Ethereum tokens to a total of $13.4 billion.

In a statement, Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) said it now holds more than 2.8 million units of Ethereum carrying an average price of $4,535, as compared with the token’s price of $4,697 as of writing, marking unrealized gains of over $458 million.

Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) remains the token’s largest treasury holder to date.

“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years. 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,” said Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) Chairman Thomas Lee.

Apart from Ethereum, it also owns 192 Bitcoins, as well as indirect ownership in WorldCoins through a recent $113 million investment in Eightco Holdings Inc. (NASDAQ:ORBS).

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.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.