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LAS VEGAS - BitMine Immersion Technologies (NYSE AMERICAN:BMNR), a crypto mining company with a market capitalization of $1.65 billion, announced Wednesday that options trading for its common stock has commenced on the New York Stock Exchange under the ticker symbol "BMNR."
The options include standard expiration dates and strike prices, potentially expanding investor access and enhancing liquidity in the company’s shares. The new options trading capability allows investors additional flexibility to manage risk, leverage positions and express views on BitMine’s future stock performance.
"Options trading on the NYSE is a major milestone for BitMine, giving investors more ways to participate in our continued growth," said Thomas "Tom" Lee, Chairman of BitMine’s Board of Directors, in a press release statement.
BitMine describes itself as a Bitcoin and Ethereum Network Company focused on cryptocurrency accumulation for long-term investment. The company’s operations include Bitcoin mining facilities located in Trinidad, Pecos, Texas, and Silverton, Texas. InvestingPro data shows the stock has delivered impressive returns, with a 417% gain year-to-date, though it currently trades above its Fair Value.
According to the company’s announcement, BitMine has established a treasury strategy aimed at acquiring 5% of the global Ethereum supply. The options trading will be available through the Options Clearing Corporation and will follow standard rules and regulations established by NYSE and the OCC.
The crypto mining company’s shares trade on the NYSE American exchange under the ticker BMNR. With analysts setting a $60 price target and revenue growth of nearly 90% in the last twelve months, investors can access additional insights and 13 more ProTips through InvestingPro.
In other recent news, BitMine Immersion Technologies has made significant strides in its financial strategy. The company announced that its Ethereum holdings have surpassed $1 billion, with 300,657 ETH valued at $3,461.89 each. This achievement follows the closure of a $250 million private placement as part of its "asset light treasury strategy." Additionally, BitMine Immersion plans to allocate $177 million from a recent $182 million investment by ARK Invest to acquire more Ethereum. The investment was executed through a block trade linked to BitMine’s ATM program. Furthermore, ThinkEquity has initiated coverage on BitMine with a Buy rating and set a price target of $60.00, emphasizing the company’s shift towards an Ethereum-centric treasury. The firm’s strategic pivot has been well-received, as evidenced by the stock’s rise following the announcement of its substantial ETH holdings. These developments reflect BitMine’s continued focus on expanding its cryptocurrency assets.
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