Bitmine Stock Rips As ETH Treasury Tops $500M, But Retail Remains Cautious

BitMine Immersion Technologies Inc. (BMNR) announced on Monday that its Ethereum (ETH) treasury now exceeds $500 million in market value, surpassing the funds it raised through a recent private placement.

Following the announcement, BitMine Immersion stock surged more than 15% in Monday's midday trading session.

BitMine confirmed that its holdings now stand at 163,142 ETH, valued at roughly $3,072.67 per token. This marks a doubling of the $250 million initially raised in a private placement conducted on July 9 to fuel its Ethereum-centric treasury approach.

BitMine CEO Jonathan Bates said that the rapid uptick in its ETH holdings occurred in just three days after closing the capital raise.

BitMine's performance targets include raising ETH per share by channeling free cash flow, leveraging capital markets activity during volatility, and earning staking yield. 

The company's shift positions it closer to industry leaders like MicroStrategy Inc. (MSTR) in terms of crypto treasury strategy.

“Among Bitcoin treasury companies, we have witnessed the reflexive benefit of acquiring large holdings”, said Chairman of BitMine's Board of Directors, Thomas Lee.

“ETH Treasuries, which accumulate 5% of ETH supply, can benefit from a similar 'Wall Street put.' And even Vlad Tenev, CEO of Robinhood, recently said 'tokenization is the greatest capital markets innovation since the central limit order book,' showing how Wall Street is converging onto crypto,” said Thomas Lee, BitMine chairman.

“Ethereum is the layer 1 blockchain with the greatest share."

BitMine first announced its ETH treasury strategy on June 30. Its services cover conventional and synthetic Bitcoin mining, financial instruments tied to hashrate, and consulting for businesses aiming to generate income in Bitcoin. 

The company conducts its activities in energy-efficient locations such as Trinidad and parts of Texas.

On Stocktwits, retail sentiment around BitMine shifted to 'neutral' from 'bullish' territory amid 'high' levels of message volume.

BitMine stock has surged more than 500% year-to-date.

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