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Investing.com -- Bitmine Immersion (NASDAQ:IMMR) Technologies Inc (NYSE AMERICAN:BMNR) stock surged 5.4% after the company announced its Ethereum holdings have exceeded $500 million.
The company reported that as of July 14th at 7:45am ET, it holds 163,142 ETH valued at approximately $501 million, based on an ETH price of $3,072.67. This milestone comes just days after BitMine closed a $250 million private placement on July 9th as part of what it describes as an "asset light treasury strategy."
Thomas "Tom" Lee of Fundstrat, the newly appointed Chairman of BitMine’s Board of Directors, stated, "Since closing on the $250 million private placement, we have surpassed $500 million in Ethereum holdings, which validates our mission to increase our stake in the Ethereum network."
BitMine CEO Jonathan Bates added, "We are pleased that we added significantly to our ETH treasury just 3 days after closing our private placement. Clearly Wall Street is getting ’ETH-pilled.’"
The company has previously outlined its performance metric goal of increasing ETH held per share through a combination of reinvestment of cash flows, capital markets activities, and staking yield.
Lee compared BitMine’s strategy to that of Microstrategy (NASDAQ:MSTR), noting that substantial crypto holdings can create what he termed a "sovereign put" for companies. According to Lee, Microstrategy has accumulated more than 597,000 Bitcoin, and he suggested that ETH treasuries accumulating 5% of ETH supply could benefit from a similar "Wall Street put."
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