BitMine Immersion Technologies, Inc. (NASDAQ:BMNR) shares traded higher on Monday after the company reported another increase in its Ethereum (CRYPTO: ETH) holdings.

BitMine Ethereum Accumulation

BitMine bought 76,881 ETH last week, raising its total holdings to 5.62 million ETH, or about 4.66% of Ethereum's total supply.

The purchase brings BitMine 93% of the way toward its goal of owning 5% of Ethereum's 120.7 million supply by 2026.

The company has 4,718,677 ETH staked, with annualized projected staking rewards of $219 million as a cash-flow backstop.

BitMine said its total crypto, cash, marketable securities and other holdings stand at $10.4 billion, including stakes in Beast Industries and Eightco Holdings.

The company also raised $273.8 million net through a Series A preferred stock offering, which carries a 9.5% annual dividend paid weekly.

Read Also: Bitcoin Climbs Back Above $65,000, But Expect The True Bottom In Q4, Analyst Says

Chairman Tom Lee said the recent ETH pullback "does not reflect strengthening Ethereum fundamentals," calling the backdrop the "early stages of crypto spring."

Strategy Bitcoin Buy And Reserve Growth

Strategy Inc. (NASDAQ:MSTR) bought 1,587 Bitcoin for $100 million last week, bringing total holdings to 846,842 BTC worth about $56 billion.

The company funded the purchase and a $100 million increase to its USD Reserve through stock sales, raising $209 million via its at-the-market program without selling Bitcoin or using existing cash.

How BMNR Ranks On Momentum Versus The Market

Below is the Benzinga Edge scorecard for BitMine Immersion Technologies, highlighting its strengths and weaknesses compared to the broader market:

– Momentum: Bullish (Score: 90.05) — Stock is outperforming the broader market.

The Verdict: BitMine Immersion Technologies' Benzinga Edge signal points to a momentum-driven story, suggesting strong performance relative to the market. This momentum could provide a solid foundation for future growth, especially given the company's recent achievements.

BMNR ETF Exposure In Crypto And Blockchain Funds

  • VanEck Digital Transformation ETF (NASDAQ:DAPP): 5.45% Weight
  • Global X Blockchain ETF (NASDAQ:BKCH): 9.93% Weight
  • Schwab Crypto Thematic ETF (NYSE:STCE): 4.14% Weight

Significance: Because BMNR carries such a heavy weight in these funds, any significant inflows or outflows will likely trigger automatic buying or selling of the stock.

BMNR Price Action: BitMine Immersion shares were up 8.44% at $17.47 at the time of publication on Monday, according to Benzinga Pro data.

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