Key Insights:
- Bitmine Immersion Technologies expands Ethereum holdings to 2,650,900 ETH worth over $11 billion.
- BMNR stock jumped 3% after the firm recently sold its shares at a premium to the market price.
- Ethereum price holds above $4,100 amid massive trading volume.
Bitmine Immersion, the largest Ethereum treasury, has expanded its total Ethereum holdings $11 billion after the latest purchase. Fundstrat’s Tom Lee-backed firm has added 234,850 ETH for $963 million to its Ethereum treasury.
BMNR stock price jumped more than 3% on Monday. Traders reacted immediately to the announcement and stock movements after the recent rebound in ETH price to above $4,100.
Bitmine Immersion Adds $963 Million in Ethereum
NYSE-listed Bitmine Immersion Technologies disclosed its crypto and cash holdings of $11.6 billion, according to an official announcement on September 29.
The company purchased an additional 234,850 ETH for $963 million between September 22-28. Also, the company holds 192 BTC and $436 million in additional cash.
Tom Lee-backed company expanded its total Ethereum holdings to 2,650,900 ETH, accounting for $10.97 billion at an average price of $4,141 per ETH. The total holding is worth nearly $10.87 billion at the current market price.
Bitmine continued to position itself as the top Ethereum treasury company and the 2nd largest crypto treasury, behind Strategy Inc. (MSTR). Tom Lee-backed firm has also boosted its stake in Eightco Holdings to $157 million.
BMNR Stock Price Jumps
At the time of writing, BMNR stock price jumped more than 3% to $52.07 during pre-market trading hours on Monday. This comes as Bitmine sold 5.22 million shares at $70 per share and 10.4 million warrants with a strike price of $87.50, at a massive premium to the current price.
Bitmine stock closed 1.88% higher $50.50 on Friday. The stock price has rallied almost 596% year-to-date, as per Yahoo Finance.
Recently, Fundstrat revealed that BMNR stock became one of the most traded in the US. Also, the stock recorded an average daily trading volume of $2.6 billion. Tom Lee, chairman of Bitmine, said:
ETH Price Rebound Above $4,100
ETH bull strongly rebounded the price above the $4,100 level from the latest dip at $3,800. The price is up 3% over the last 24 hours, with an intraday low and high of $3,979 and $4,145, respectively.
The price jumped with support from an 80% increase in trading volume in the last 24 hours. This indicates that investors are considering analysts and Tom Lee’s bottom signals.
The derivatives market showed buying in the last few hours, as per CoinGlass data. At the time of writing, the total ETH futures open interest jumped 1% to $55.43 billion in the last few hours.
The 24-hour ETH futures OI climbed more than 3%. Notably, ETH futures OI on CME and Binance climbed by more than 3% and 4%, respectively.