Bitmine Immersion Technologies stock initiated with Buy rating at B.Riley

Investing.com - B.Riley has initiated coverage on Bitmine Immersion Technologies (OTC:BMNR) with a Buy rating and a $90.00 price target, representing a potential 67% upside from the current price of $53.80. According to InvestingPro data, the stock has already delivered an impressive 590% return year-to-date.

The firm identifies BMNR as the largest Ethereum DATCO, highlighting its experienced management team and plans to acquire a 5% stake in the Ethereum network. InvestingPro analysis indicates the company’s overall Financial Health Score is "FAIR," with particularly strong momentum metrics despite currently trading above its Fair Value.

B.Riley expects BMNR shares to continue trading at a premium to NAV (1.3x-1.5x), driven by ETH staking revenue, institutional custody partnerships with leading service providers, and strong capital-raising capability.

The research firm projects that BMNR will hold approximately 7.6 million ETH by the end of fiscal year 2026, subject to market conditions and capital availability.

B.Riley’s positive outlook is supported by what it describes as BMNR’s "achievable plans" for network stake acquisition and the company’s current premium valuation, which aids its capital-raising capabilities.

In other recent news, BitMine Immersion Technologies has made significant strides in its cryptocurrency holdings and financial maneuvers. The company announced it now holds over 3 million Ethereum tokens, which account for more than 2.5% of the total Ethereum supply. This substantial holding is valued at approximately $12.6 billion, contributing to the company’s total holdings of $13.4 billion. Additionally, BitMine has raised $365.2 million through an equity offering, selling approximately 5.2 million shares at $70 each, a 14% premium over the previous closing price. Moelis & Co. acted as the sole placement agent for this transaction. The company also holds 192 Bitcoin, a $135 million stake in Eightco Holdings, and $104 million in unencumbered cash. The equity raise includes warrants for the purchase of up to 10.44 million shares at an exercise price of $87.50 per share, set to expire in March 2027. These developments underscore BitMine’s strategic positioning in the cryptocurrency market and its ongoing financial activities.

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