Stock Track | BitMine Immersion Technologies Surges 5.08% Pre-Market as Ethereum Holdings Top $2 Billion and Chairman Predicts ETH at $15,000

Stock Track
07-25

BitMine Immersion Technologies Inc. (BMNR) saw its stock soar 5.08% in pre-market trading on Friday, as investors reacted positively to the company's substantial Ethereum holdings and its new chairman's bullish outlook on the cryptocurrency.

According to recent reports, BitMine now holds 566,776 ETH, valued at approximately $2.06 billion. This makes BitMine the largest corporate holder of Ethereum among public companies. The significant increase in the company's Ethereum treasury aligns with its ambitious goal of acquiring and staking 5% of the overall Ethereum supply, as emphasized by BitMine's newly appointed Chairman, Tom Lee.

Adding fuel to the stock's rise, Lee, who is also the co-founder of Fundstrat, made headlines with his optimistic prediction for Ethereum's price. In a recent interview, Lee stated that it is "entirely reasonable" for Ethereum to reach $15,000, based on comparisons with other crypto-related companies' valuations. He also concurred with analyst predictions of Ethereum breaking through $4,000 by the end of the month. This bullish stance from the company's leadership has likely contributed to increased investor confidence in BitMine's strategy and potential for growth.

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