BitMine Immersion Stock Soars 40% After $500M ETH Treasury Reveal

BitMine Immersion Stock Surges on $500M ETH Treasury

BitMine Immersion Technologies (BMNR), under the guidance of Fundstrat’s Tom Lee, witnessed a remarkable 40% increase in its stock price following the revelation of its substantial ether (ETH) holdings.

Key Highlights:

The Las Vegas-based company now holds 163,142 ETH, with an estimated value of $500 million. This represents a significant increase from the $250 million secured in a private placement earlier in July.

Tom Lee has drawn comparisons to MicroStrategy's bitcoin (BTC) strategy, suggesting that significant ETH reserves can create a similar 'Wall Street put' effect, making the company attractive to investors.

This surge follows a previous 65% drop related to a $2 billion at-the-market offering. The stock is currently trading around $4.88, a decrease from $6.25 on July 10.

Despite ether being down approximately 9% this year, bitcoin has seen a growth of around 29%. BTC Digital recently invested $1 million in ETH.

Currently, ether treasuries collectively hold 1.5 million ETH.