BitMine Immersion Shares Jump 40% on $500M Ethereum Treasury Reveal
BitMine Immersion Technologies (BMNR) saw its stock soar more than 40% on Monday after announcing it holds $500 million worth of ether (ETH) in its treasury.
The Las Vegas-based company disclosed that it converted the entire $250 million raised through a private placement on July 9 into ETH, purchasing 163,142 coins. This aggressive move echoes the high-profile bitcoin (BTC) accumulation strategy pioneered by Strategy (MSTR), which has positioned itself as a major corporate BTC holder.
Tom Lee, Head of Ethereum Strategy at Fundstrat, said BitMine’s bold ETH purchase could position it as a proxy for large investors seeking significant exposure to ether. “It’s similar to how sovereign entities might use Strategy to gain a foothold in bitcoin. Now, the same logic could apply to ether via BitMine,” Lee noted.
Monday’s rally lifted BitMine’s share price to roughly $4.88, recovering from recent declines but still below the July 10 high of $6.25. Earlier this month, the stock tumbled nearly 50% after the firm announced plans for a $2 billion at-the-market share offering.
So far this year, bitcoin has risen about 29%, while ether remains roughly 9% lower.
Elsewhere, BTC Digital, a bitcoin mining company, disclosed it had shifted $1 million of its cash reserves into ether over the weekend, describing ETH as emerging “digital gold.” According to Strategic ETH Reserve data, public ether treasuries held by DAOs and corporations now collectively hold around 1.5 million ETH.
