ThinkEquity initiates coverage on Bitmine stock with Buy rating

Investing.com - ThinkEquity initiated coverage on Bitmine Immersion (NASDAQ:IMMR) Technologies (OTC:BMNR), currently trading at $42.35 with a market capitalization of $1.73 billion, with a Buy rating and a price target of $60.00, according to a research note released Monday. InvestingPro analysis suggests the stock is currently overvalued relative to its Fair Value.

The firm’s analysis highlights Bitmine’s recent strategic pivot to an Ethereum-centric treasury, noting that the company announced on July 17, 2025, that its ETH and ETH-equivalent holdings had surpassed $1 billion, just eight days after initiating its capital raise. The strategy appears to be paying off, with the stock posting remarkable returns of 583% over the past six months.

ThinkEquity views this strategy as a direct investment in Ethereum’s role as the settlement layer for the stablecoin market, a position it says was validated by the recent passage of the "Genius Act," which provides a framework for mainstream stablecoin adoption.

The $60 price target is based on a Net Asset Value methodology, applying a 1.5x multiple to ThinkEquity’s projected year-end 2026 book value per share of approximately $40.

ThinkEquity justifies this premium multiple by citing non-dilutive cash flow from Bitmine’s ancillary operations and validation from high-profile investors, including Peter Thiel’s Founders Fund.

In other recent news, BitMine Immersion Technologies announced that its Ethereum holdings have surpassed $1 billion, with a total of 300,657 ETH. This achievement follows the company’s recent $250 million private placement, aimed at advancing its asset-light treasury strategy. BitMine’s Chairman, Tom Lee of Fundstrat, expressed the company’s progress towards acquiring and staking 5% of the overall ETH supply. BitMine CEO Jonathan Bates reiterated the company’s focus on Ethereum’s long-term value, highlighting the strategic importance of their substantial ETH holdings. The company plans to increase ETH held per share through reinvestment, capital market activities, and staking yield. BitMine’s holdings are also supported by in-the-money options, adding approximately $200 million in notional value. This development comes amid a broader rise in cryptocurrency-related stocks, with BitMine’s shares experiencing notable gains. The company continues to focus on accumulating cryptocurrency for long-term investment through mining operations and capital raising transactions.

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