BitMine Immersion Surges 40% After Revealing $500M ETH Treasury
2025-07-14 15:07:43
Main Idea
BitMine Immersion Technologies' shares surged 40% after revealing it holds $500 million worth of ETH, following a previous 50% drop due to a $2 billion at-the-market offering.
Key Points
1. BitMine Immersion Technologies now holds 163,142 ETH worth around $500 million, up from the $250 million raised in a private placement on July 9.
2. Tom Lee compared the company's strategy to MicroStrategy's bitcoin play, suggesting large ETH holdings could act as a 'Wall Street put.'
3. The share price surge follows a 65% plunge last week related to a $2 billion at-the-market offering, with shares recently trading around $4.88, down from $6.25 on July 10.
4. Ether is down around 9% this year while bitcoin is up around 29%, and bitcoin mining firm BTC Digital allocated $1 million into ETH, calling it the new digital gold.
Description
BitMine Immersion Technologies (BMNR), the ether (ETH) strategy firm led by Fundstrat’s Tom Lee, moved quickly to turn dollars into cryptocurrency. The Las Vegas-based company's share rose as much as 40% after it said it now holds 163,142 ETH, worth about $500 million, up from the $250 million it raised in a private placement on July 9. Tom Lee likened the approach to Strategy’s (MSTR) well-known bitcoin (BTC) play , arguing that that company's large BTC holdings make the company attractive as a...
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