BitMine Immersion Technologies [BMNR] stock continued its price recovery after the company added another 32,447 Ethereum [$ETH] to its treasury, bringing it closer to its goal of owning 5% of Ethereum’s supply.
It has also left the shares trading close to the value of the company’s underlying assets.
BitMine’s Ethereum holdings reach 5.85M $ETH
BitMine held 5,847,611 $ETH as of August 23, according to its latest weekly update, representing approximately 4.8% of Ethereum’s circulating supply, and puts the company 97% of the way towards its 5% target.
With the $ETH price at $2,440, the tokens were worth about $14.3 billion. BitMine reported total holdings of $14.9 billion after including 210 Bitcoin, $308 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings.
Its holding was valued at $11.4 billion a week earlier, but the $3.5 billion increase can’t be attributed to the $ETH that was recently added.
The 30% rally that Ethereum saw in the past few days accounted for much of the change, and the value of BitMine’s cash outside investments also increased.
BitMine has staked 5.07 million $ETH and estimates that it could see around $330 million in annual revenue at current prices from this. The move shows that most of the $ETH it holds is not sitting idle but generating income.
BMNR stock catches up with its assets
BMNR traded at $24.68 at the time of writing, gaining 2.24% during the session. It rose from below $19 over the last few days and briefly touched $24.82, returning it to levels last seen around its April and May peaks.
Earlier in the current session, treasury data placed its asset value at $23.85 per share while BMNR traded at $23.71, leaving it at 0.99 times the value of its holdings.
The rise to $24.68 seems to have erased that discount. This means investors were paying roughly the value of BitMine’s holding rather than a large premium for its treasury strategy.
After such a rapid advance, BMNR could pause or give back part of the move. It also remains closely tied to Ethereum, with a price drop in $ETH reducing the treasury’s value, and this could quickly weigh on BMNR.
Final Summary
- BitMine’s holdings increased to 5.85 million $ETH, worth about $14.3 billion at the company’s stated price.
- BMNR erased its discount to asset value after climbing to $24.68, but the rapid rally leaves room for a pullback.
