BMNR Stock Rallies As Ethereum Holdings Surge To Nearly $5B

Shares of Bitmine Immersion Technologies (BMNR) surged over 12%  in pre-market trade on Monday after the company announced it had boosted its Ethereum (ETH) holdings from 833,137 to 1.15 million tokens.

"In just a week, BitMine increased its ETH holdings by $2.0 billion to $4.96 billion (from 833,137 to 1.15 million tokens), lightning speed in the company's pursuit of the 'alchemy of 5%' of ETH," said Thomas Lee of Fundstrat, Chairman of BitMine's Board of Directors.

The company is currently the largest corporate holder of Ether and the third-largest crypto treasury globally, behind only Michael Saylor-backed Strategy (MSTR) and Bitcoin miner Mara Holdings (MARA). 

BMNR stock had gained 25% on Friday, when Ethereum’s price crossed $4,000 for the first time this year. On Stocktwits, retail sentiment around the shares improved to ‘extremely bullish’ from ‘bullish’ a week ago. BMNR was among the top trending stocks on the platform at the time of writing.

 Ethereum’s price, meanwhile, was up over 1% in pre-market U.S. trading hours after hitting a four-year high of $4,332 over the weekend. On Monday morning, the cryptocurrency traded at $4,244 at the time of writing. On Stocktwits, retail sentiment around ETH moved higher within ‘bullish’ territory.

Bitmine pivoted from being a Bitcoin mining business to accumulating Ethereum for its treasury in June. Adopting a “crypto treasury” model, the company set a goal of owning 5% of the total Ethereum supply in the market.

The stock has gained more than 520% this year and upwards of 350% over the past 12 months.

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