Bitmine (BMNR) Climbs 19.6% as Firm Hits Ownership of 3% Supply

We recently published 10 Stocks Stealing Wall Street Spotlight. Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) is one of the best-performing stocks on Monday.

Bitmine snapped a three-day losing streak on Monday, jumping 19.62 percent to close at $31.10 apiece as investors took heart from its acquisition of more Ethereum coins to bring its total ownership to $10.3 billion.

In an updated report, Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) said that it acquired 69,822 new Ethereum tokens last week, bringing its total ownership to 3.6 million as of November 23, and achieving its target of hitting 3 percent of the token’s total supply. Its Ethereum tokens carry an average price of $2,840 apiece.

Apart from Ethereum, Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) also owns 192 Bitcoins, maintains a $38 million stake in Worldcoin-focused Eightco Holdings, as well as unencumbered cash amounting to $800 million.

“The continued decline in crypto prices in the past week reflects the impaired liquidity since October 10th, as well as price technicals, which remain weak. A few weeks ago, we noted the likely downside for ETH prices would be around $2,500 and current ETH prices are basically there. This implies asymmetric risk/reward as the downside is 5% to 7%, while the upside is the supercycle ahead for Ethereum,” said Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) Chairman Thomas Lee.

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