6 hours ago
BitMine Immersion Technologies (BMNR), the ether (ETH) strategy steadfast led by Fundstrat’s Tom Lee, moved rapidly to crook dollars into cryptocurrency.
The Las Vegas-based company's stock roseate arsenic overmuch arsenic 40% aft it said it present holds 163,142 ETH, worthy astir $500 million, up from the $250 cardinal it raised successful a backstage placement connected July 9.
Tom Lee likened the attack to Strategy’s (MSTR) well-known bitcoin (BTC) play, arguing that that company's ample BTC holdings marque the institution charismatic arsenic a “sovereign put.” Lee said Strategy was an charismatic stake “if a federation ever wanted to get 5% of the Bitcoin network.”
“Similarly, ETH Treasuries, which accumulate 5% of ETH supply, tin payment from a akin 'Wall Street put,’” Lee said.
Monday's stock terms surge follows past week's 65% plunge related to the $2 cardinal at-the-market offering. The shares were precocious trading astir $4.88, down from $6.25 connected July 10.
Ether is down astir 9% this twelvemonth portion bitcoin is up astir 29%.
Over the weekend, bitcoin mining steadfast BTC Digital allocated $1 cardinal of its currency into ETH, which it said was its caller integer gold. In total, 1.5 cardinal ETH is presently held crossed ether treasuries, which see decentralized autonomous organizations and publically traded companies, according to Strategic ETH Reserve.
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