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Shares of BitMine Immersion Technologies, Inc. (NASDAQ:BMNR) are trading higher. The company on Monday provided an update on its crypto holdings.
What To Know: BitMine Immersion said its crypto, cash holdings and “Moonshots” now total $13.4 billion, consisting of 3.24 million ETH tokens, the native cryptocurrency of the Ethereum (CRYPTO: ETH) blockchain, $219 million in cash and other crypto holdings.
Shares of BitMine jumped following the news, reaching $54.30 on Monday before pulling back slightly, according to Benzinga Pro.
The company now owns 2.7% of the total ETH supply and has crossed the halfway point as it moves towards its goal of acquiring 5% of the total supply. The crypto network company is currently the largest ETH treasury in the world.
“We acquired 203,826 ETH tokens over the past week pushing our ETH holdings to 3.24 million, or 2.7% of the supply of ETH,” said BitMine chairman Tom Lee. “We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.”
BMNR Analysis: BitMine shares are currently above the 50-day moving average of $52.63, indicating a positive short-term trend. The stock also remains well above the 200-day moving average of $24.34, suggesting a robust long-term bullish sentiment.
The combination of strong price action, favorable technical indicators, and a solid market cap positions BitMine favorably for continued growth, especially if it can maintain momentum above key support levels. A decisive move above $56.10 could signal a new bullish phase, making it an intriguing setup for traders looking for breakout opportunities.
BMNR Price Action: BitMine shares were up 7.96% at $53.83 at the time of publication on Monday, according to Benzinga Pro. The stock is trading within its 52-week range of $1.92 to $161.00. The stock is up about 588% year-to-date, which underscores strong investor interest and potential momentum in the sector.
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