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Investing.com -- Bitmine Immersion (NASDAQ:IMMR) Technologies Inc (NYSE AMERICAN:BMNR) stock rose 7.5% after the company announced its Ethereum (ETH) holdings have surpassed $1 billion in value.
The company reported holding 300,657 ETH at a price of $3,461.89 per ETH as of July 17th at 3:45am ET. This milestone comes just seven days after BitMine closed on its initial private placement of $250 million, which was part of what the company describes as its "asset light treasury strategy."
Thomas "Tom" Lee of Fundstrat, who serves as Chairman of BitMine’s Board of Directors, stated that the company is progressing toward its goal of acquiring and staking 5% of the overall ETH supply.
BitMine CEO Jonathan Bates emphasized the company’s strategic focus on Ethereum, saying, "Acquiring $1 billion of ETH is a clear signal of our conviction in Ethereum’s long-term value."
The company 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. BitMine noted that the value of its ETH holdings is directly impacted by changes in Ethereum’s market price.
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