BitMine Immersion Technologies (NYSE:BMNR) is nearing an inflection point as its Ethereum (CRYPTO: ETH) accumulation nears the end, while its valuation becomes highly attractive.
BMNR was trading at $15.80 on Friday, down substantially from last year’s high of $160. It remains slightly above the year-to-date low of $12.86.
BitMine Immersion Will Hit Its 6 Million Target Soon
BitMine has accumulated over 5.77 million ETH coins, which are now valued at over $11 billion. This means that the company needs to buy 222,532 Ethereum coins, currently worth over $422 million. If the trend continues, it will hit its 6 million target in the coming months.
Completing the purchases will benefit BitMine’s shareholders in two main ways. First, it will likely conclude the dilution that has pushed its outstanding shares to 603 million from less than 239 million last year.
