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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.