Why Bitmine Immersion Technologies Popped by More Than 11% Today
Key Points
The crypto specialist maintained its position as the world's major Ethereum holder.
It also divulged other holdings in its latest portfolio update.
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Bitmine Immersion Technologies (NYSEMKT: BMNR), which is known in the cryptocurrency world as a top holder of Ethereum, had some good news to report on what was already a fine Monday for crypto stocks generally. It also benefited handsomely from its association with a hot peer company and the altcoin in which that business specializes.
On the back of an operational update detailing its holdings in Ethereum and other assets, investors traded the stock up by more than 11% on the day.
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In the Ether
Companies that mine and/or acquire top cryptocurrencies like to publish monthly operational updates, and Bitmine is no exception.
Image source: Getty Images.
On Monday morning, it took the wraps off its latest digest, revealing that as of the end of September, it held just over 2.83 million Ethereum (worth a total of roughly $13.3 billion at the current price). In addition to that anchor holding, Bitmine also possessed 192 Bitcoin and a $113 million stake in Eightco Holdings.
The Ethereum figure buttressed Bitmine's status as the holder of the largest Ethereum treasury on this planet.
Small world
However, it might have been Eightco that was the real star of Bitmine's portfolio on Monday. That company announced less than a month ago it aims to raise $250 million to fund its aim of building a position in the recently ascendant crypto Wordlcoin.
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Eric Volkman has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
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