Shares of BitMine Immersion Soar 40% Following $500M ETH Holdings Disclosure

BitMine Immersion Soars 40% After Revealing $500M in Ether Holdings

Shares of BitMine Immersion Technologies (BMNR) surged more than 40% on Monday after the company unveiled that it now holds $500 million worth of ether (ETH) in its treasury. The announcement offered a much-needed boost for the stock, which had previously dropped by 50% following a hefty $2 billion at-the-market offering.

Headquartered in Las Vegas, BitMine disclosed it has acquired 163,142 ETH, doubling the $250 million it raised through a private placement on July 9. The swift move to shift cash into crypto mirrors the playbook used by Strategy (MSTR), known for its substantial bitcoin reserves.

Tom Lee of Fundstrat, who heads BitMine’s ether-focused strategy, compared the firm’s ETH acquisition to Strategy’s bitcoin accumulation, suggesting that corporate crypto treasuries could become vehicles for sovereign-level exposure to digital assets. Lee noted that a country looking to secure 5% of the bitcoin network might consider buying into companies like Strategy, and the same logic could apply to ether through firms like BitMine.

Following the news, BMNR shares climbed to roughly $4.88, still trailing their recent peak of $6.25 on July 10.

While bitcoin has climbed about 29% so far this year, ether remains down roughly 9%.

In related news, BTC Digital, a bitcoin mining company, announced over the weekend that it has invested $1 million of its cash reserves into ether, dubbing the asset its new “digital gold.” Data from Strategic ETH Reserve indicates that publicly disclosed ether treasuries, spanning DAOs and public companies, now collectively hold 1.5 million ETH.