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LAS VEGAS - BitMine Immersion Technologies, Inc. (NYSE AMERICAN:BMNR) announced Wednesday it has engaged Tom DeMark and DeMark Analytics, LLC as a strategic advisor to optimize its Ethereum acquisition strategy. This move comes as BMNR stock has experienced significant volatility, dropping 20.43% over the past week despite an impressive 339.18% gain over the last year, according to InvestingPro data.
BitMine, which describes itself as the largest holder of ETH in the world with more than 2.9% of the Ethereum network, plans to use DeMark's systematic and market analysis models to enhance its purchasing approach as it acquires "hundreds of millions worth every week," according to the company. With a market capitalization of approximately $9.19 billion, BMNR is currently trading significantly above its InvestingPro Fair Value estimate, suggesting the stock may be overvalued despite its aggressive Ethereum acquisition strategy.
"Tom's DeMARK Indicators have proven to be one of the most reliable and enduring ways to understand macro and crypto markets," said Thomas Lee, Chairman of BitMine's Board, in a press release statement. "These indicators have been particularly dead-on with Bitcoin and Ethereum."
DeMark, who founded DeMARK Analytics and created the DeMARK Indicators, has over 50 years of experience in financial markets. His proprietary timing tools are used by institutional traders and investors worldwide, and he currently serves as special advisor to Steven A. Cohen of Point72 Asset Management.
"I'm inspired by the vision he and the exceptional team at BitMine Immersion Technologies have put forward," DeMark said regarding Lee and BitMine.
BitMine's business includes Bitcoin mining operations in Trinidad and Texas, as well as advisory services related to cryptocurrency. The company states it is working toward owning 5% of the Ethereum network, which it refers to as the "alchemy of 5%."
The company is backed by institutional investors including ARK's Cathie Wood, Founders Fund, Pantera, and Galaxy Digital, according to the press release.
In other recent news, BitMine Immersion Technologies reported significant growth in its cryptocurrency and cash holdings, now totaling $13.7 billion. The company's portfolio includes approximately 3.4 million Ethereum tokens, accounting for 2.8% of the total Ethereum supply. BitMine's holdings also feature 192 Bitcoin, a $62 million investment in Eightco Holdings, and $389 million in unencumbered cash. Earlier, BitMine announced that its combined holdings reached $13.2 billion, with 2.9% of all Ethereum tokens, indicating a slight fluctuation in their Ethereum ownership. The company's Ethereum holdings were previously valued at $12.76 billion with a higher token price. BitMine's recent leadership change saw Chi Tsang appointed as the new CEO, replacing Jonathan Bates, alongside Tsang's addition to the Board of Directors. Additionally, BitMine's stock experienced a decline amid broader crypto market volatility, as Bitcoin fell below the $100,000 mark, affecting several cryptocurrency-related stocks.
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