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BitMine Stock Spikes, Then Sags After Bitcoin Miner Tops $500 Million in Ethereum
The post BitMine Stock Spikes, Then Sags After Bitcoin Miner Tops $500 Million in Ethereum appeared on BitcoinEthereumNews.com. In brief Bitcoin miner BitMine this month raised $250 million through a private placement to buy ETH. Its shares briefly shot up in value Monday as it crossed $500 million in Ethereum holdings. The firm previously said the Ethereum blockchain has value due to what is being used upon it—namely stablecoins. The price of Bitcoin miner BitMine Immersion Technologies jumped on Monday after the NYSE-listed company, which in late June announced a private placement to add to its Ethereum treasury, surpassed $500 million in ETH holdings through its latest purchases of the asset. But by the end of the day, most of the gains had evaporated. BitMine (BMNR) stock spiked to a daily peak of $59.00—a 45% surge over the Friday closing price of $40.62. But by the end of a highly volatile day, the stock price had fallen to $41.02, barely 1% up on the day. And the falling price of ETH put the value of its stockpile under $500 million by that point, as well. The company’s stock price has ranged wildly over the past month amid the start of its ETH treasury strategy, with closing prices spanning the vast distance from $4.26 to $135. It’s up 727% over the past month, yet down nearly 62% over the last week due to wild peaks and valleys. In a statement, BitMine Board Chairman Thomas Lee said that Monday’s milestone of amassing $500 million worth of ETH “validates our mission to increase our stake in the Ethereum network.” Shares jumped after the firm announced the ETH-focused stock sale, and that Lee, the well-regarded analyst and managing partner at equity research group Fundstrat Global, had become its board chair. BitMine said last week that it had raised $250 million through the stock sale. Lee reiterated his praise for Ethereum’s usefulness for…
The post BitMine Stock Spikes, Then Sags After Bitcoin Miner Tops $500 Million in Ethereum appeared on BitcoinEthereumNews.com.
In brief Bitcoin miner BitMine this month raised $250 million through a private placement to buy ETH. Its shares briefly shot up in value Monday as it crossed $500 million in Ethereum holdings. The firm previously said the Ethereum blockchain has value due to what is being used upon it—namely stablecoins. The price of Bitcoin miner BitMine Immersion Technologies jumped on Monday after the NYSE-listed company, which in late June announced a private placement to add to its Ethereum treasury, surpassed $500 million in ETH holdings through its latest purchases of the asset. But by the end of the day, most of the gains had evaporated. BitMine (BMNR) stock spiked to a daily peak of $59.00—a 45% surge over the Friday closing price of $40.62. But by the end of a highly volatile day, the stock price had fallen to $41.02, barely 1% up on the day. And the falling price of ETH put the value of its stockpile under $500 million by that point, as well. The company’s stock price has ranged wildly over the past month amid the start of its ETH treasury strategy, with closing prices spanning the vast distance from $4.26 to $135. It’s up 727% over the past month, yet down nearly 62% over the last week due to wild peaks and valleys. In a statement, BitMine Board Chairman Thomas Lee said that Monday’s milestone of amassing $500 million worth of ETH “validates our mission to increase our stake in the Ethereum network.” Shares jumped after the firm announced the ETH-focused stock sale, and that Lee, the well-regarded analyst and managing partner at equity research group Fundstrat Global, had become its board chair. BitMine said last week that it had raised $250 million through the stock sale. Lee reiterated his praise for Ethereum’s usefulness for…
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