Bitmine Immersion Gains Major New Supporter
Main Idea
The article discusses the volatile market movement of Bitmine Immersion Technologies (NYSE:BMNR) and provides background information about the author.
Key Points
1. Bitmine Immersion Technologies (NYSE:BMNR) experienced significant market volatility, with shares trading under $5 in late June.
2. The company announced a $250 million deal, though details are not fully provided in the excerpt.
3. The author, Alpha, has a background in finance and accounting, with experience in long/short equities and portfolio management.
4. The author discloses no current stock positions or business relationships with the mentioned companies.
5. The article is published on Seeking Alpha, which notes that its analysts are third-party authors and not certified by any regulatory body.
Description
Summary Bitmine Immersion surged after announcing major Ethereum-focused capital raises, but shares have dropped significantly from their peak. The company now holds around $1 billion in Ethereum, yet trades at a hefty premium to its crypto holdings and modest operating business. Cathie Wood’s Ark Invest made a bold initial purchase in three of its ETFs, signaling institutional confidence in the crypto strategy. Over the last month, Bitmine Immersion Technologies ( BMNR ) has seen one of the cra...
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