BitMine Immersion Technologies Inc (AMEX:BMNR) shares are trading higher on Monday. The crypto-focused company shared new holdings, which could be driving some of the investor buzz.
- BMNR stock is showing exceptional strength. See what is driving the move here.
What To Know: BitMine announced total crypto, cash and investment holdings of $13.2 billion as of Nov. 9. The company’s portfolio consists of 3.5 million Ethereum (CRYPTO: ETH) tokens, 192 Bitcoin, a $61 million position in Eightco Holdings (NASDAQ:ORBS) and unencumbered cash totaling $398 million.
According to chairman Tom Lee of Fundstrat, BitMine acquired 110,288 ETH tokens last week, a 34% jump compared to the previous week. That pushed its holdings to 2.9% of the total supply, which is past the halfway mark toward its goal of owning 5%.
Lee said the company sped up buying thanks to favorable price conditions, highlighting that recent declines in Ethereum prices have created a good opportunity for the company.
BitMine has the largest Ethereum treasury globally and ranks as the second-largest cryptocurrency treasury worldwide, only behind Strategy, which holds 641,205 Bitcoin valued at $67 billion.
Lee said BitMine and Strategy Inc now make up 88% of global crypto equity trading volume. BitMine keeps pulling in institutional money due to its strong liquidity profile.
“To me, it is evident that Wall Street is very interested in tokenizing assets onto the blockchain, creating greater transparency and unlocking new value for issuers and investors. This is the key fundamental story and supports our view that Ethereum is a super cycle story over the next decade,” Lee said.
BMNR Analysis: The overall market sentiment around BitMine seems optimistic as indicated by the recent analyst actions. On Oct. 16, B. Riley Securities initiated coverage on the company with a Buy rating and set a target price at $90.00, suggesting a positive outlook on the company’s future performance.
The coverage initiation by B. Riley Securities is a significant development, as it often leads to increased investor attention. The $90.00 target price indicates a strong belief in the company’s potential to deliver substantial returns.
The stock is trading within its 52-week range of $3.92 to $161.00. This upward movement reflects a strong year-to-date performance of 498.1%, underscoring significant investor interest and momentum in the stock.
Currently, BitMine is trading approximately 17.3% below its 50-day moving average of $50.63, indicating a potential area of resistance should the stock attempt to regain that level. The 200-day moving average sits at $27.37, which is approximately 53% below the current price, suggesting a robust long-term bullish trend as the stock has significantly outperformed this average.
BMNR Price Action: BitMine Immersion shares were up 4.19% at $41.90 at the time of publication on Monday, according to Benzinga Pro.
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