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LAS VEGAS - BitMine Immersion Technologies (NYSE AMERICAN:BMNR), a crypto mining company with a market capitalization of $1.62 billion, announced Thursday that its Ethereum holdings have surpassed $2 billion, representing a more than 700% increase over the initial $250 million private placement proceeds closed on July 8. According to InvestingPro data, the company’s stock has delivered an impressive 537% return over the past six months.
The company reported holding 566,776 ETH valued at approximately $3,643.75 per ETH as of Wednesday night, according to a press release statement. While the company has shown strong revenue growth of nearly 90% over the last twelve months, InvestingPro analysis indicates the stock is currently trading above its Fair Value.
"At BitMine, we surpassed $2 billion in ETH holdings, just sixteen days after closing on the initial $250 million private placement," said Thomas "Tom" Lee of Fundstrat, Chairman of BitMine’s Board of Directors.
The company previously outlined its strategy to increase ETH held per share through reinvestment of cash flows, capital markets activities, and staking yield. BitMine has stated a goal of acquiring and staking 5% of the overall ETH supply.
BitMine describes itself as a Bitcoin and Ethereum Network Company focused on long-term cryptocurrency accumulation. The firm operates Bitcoin mining facilities in Trinidad and Texas locations including Pecos and Silverton.
Jonathan Bates, CEO of BitMine, stated in the announcement that the company remains "committed to Ethereum’s continued growth" and plans to advance its Ethereum treasury strategy.
The rapid accumulation of Ethereum represents a significant expansion of BitMine’s cryptocurrency holdings in a short timeframe following its recent capital raise.
In other recent news, BitMine Immersion Technologies reported that its Ethereum holdings have exceeded $2 billion, marking a significant milestone for the company. This achievement comes shortly after BitMine completed a $250 million private placement. Additionally, options trading for BitMine’s common stock has begun on the New York Stock Exchange, offering investors more flexibility in managing their investments. In another development, ARK Invest acquired a $182 million stake in BitMine, with plans to use the proceeds to purchase Ethereum. ThinkEquity has initiated coverage of BitMine with a Buy rating and a price target of $60.00, highlighting the company’s strategic focus on Ethereum. Furthermore, BitMine’s stock experienced a rise alongside other cryptocurrency-related stocks as ether reached a six-month high. These developments reflect BitMine’s ongoing efforts to strengthen its position in the cryptocurrency market.
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