Why BitMine Immersion Technologies Stock Surged Nearly 20% Higher Today
Key Points
The major Ethereum holder was caught up in a major crypto rally.
This derived largely from increasing hopes that the Fed, contrary to previous belief, will hike interest rates in December.
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BitMine Immersion Technologies (NYSEMKT: BMNR) certainly had timing on its side as the Thanksgiving-shortened stock trading week began. On a broadly very bullish Monday for cryptocurrencies -- and crypto stocks -- the company published an encouraging business update. This combination of positive factors sent its share price skyward by almost 20% that trading session.
Exquisite timing
BitMine is essentially a cryptocurrency treasury company, with a particular focus on holding a substantial position in Ethereum. An extended rout in cryptocurrencies seemed to reverse suddenly in recent days, lifting the value of many coins, tokens, and crypto stocks, such as BitMine.
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Much of this was due to increasing optimism that the Federal Reserve (Fed) will cut interest rates next month. Previously, many market players and economists were forecasting it wouldn't.
This was compounded by the publication of the update, which occurred before market open. The company revealed that as of Sunday evening, it held nearly 3.63 million Ethereum, 192 Bitcoin, and a $38 million stake in major institutional Worldcoin holder Eightco Holdings.
That Ethereum position is notably higher than the slightly over 2.83 million tally BitMine divulged near the end of September. The company's Bitcoin holding is unchanged from then.
A fine stock for Ethereum enthusiasts
Of course, not every cryptocurrency or crypto stock is created equal. However, as members of a distinctive asset class, they tend to move in concert. BitMine is certainly an appropriate, sideways play on the future of Ethereum (which I'd imagine will remain its foundational asset), so the crypto's bulls should consider it for a buy. Otherwise, I'd caution that this stock is a relatively volatile investment.
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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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