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Investing.com -- BitMine Immersion (NASDAQ:IMMR) Technologies stock rose 4% in pre-market trading Thursday, continuing its recent momentum after announcing that its Ethereum holdings have surpassed $2 billion.
The company reported that as of July 23rd at 11:59pm ET, it holds 566,776 ETH valued at approximately $2 billion based on an Ethereum price of $3,643.752. This milestone comes just sixteen days after BitMine closed its initial private placement of $250 million on July 8th as part of what the company describes as its "asset light treasury strategy."
"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. "We are well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply."
The company aims to increase ETH held per share through reinvestment of cash flows, capital markets activities, and staking yield. BitMine’s CEO Jonathan Bates expressed the company’s commitment to "Ethereum’s continued growth" and advancing its Ethereum treasury strategy.
Despite Thursday’s gains, BitMine shares have experienced significant volatility, surging nearly 800% over the past month while declining 12% in the past five trading days. The company’s aggressive Ethereum acquisition strategy appears to be driving investor interest amid fluctuations in the cryptocurrency market.
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