On July 1, BitMine Immersion Technologies rose 5.3% in regular trading, trading at $13.98/share, with turnover of $159 million. The stock rebounded sharply alongside broader crypto-related equities, with peer Strategy (MSTR) gaining 7.86% in the same session.
The rally comes as BitMine continues its aggressive Ethereum accumulation strategy. Earlier filings show the company purchased 125,000 ETH worth $205 million in a single week in June, bringing total holdings to approximately 5.39 million ETH — representing 4.47% of total ETH supply. The company has set a target of reaching 5% of circulating supply. BitMine has also staked 4.71 million ETH generating an estimated $276 million in annualized staking revenue.
Institutional support remains strong, with BlackRock increasing its BMNR position by approximately 2.02 million shares in Q1, while ARK Invest also added 240,000 shares. The company uplisted to the NYSE in April and expanded its share buyback program to $4 billion. In early June, BitMine raised approximately $273.8 million through a preferred stock offering to fund further acquisitions.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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