BitMine Stock Spikes, Then Sags After Bitcoin Miner Tops $500 Million in Ethereum

Key Points

1. BitMine raised $250 million through a private placement to buy ETH, briefly causing its stock to surge by 45% before stabilizing with a 1% gain.

2. BitMine's ETH holdings surpassed $500 million, validating its strategy to increase its stake in the Ethereum network.

3. Bitcoin completed its strongest weekly run since May, gaining 9.07% and reaching a new all-time high above $123,000.

4. Strategy resumed Bitcoin purchases, boosting its holdings to over $72 billion in BTC.

5. Altcoins like XRP, SOL, and DOGE surged following Bitcoin's new all-time high, with Algorand and Sui leading the gains.