Bitmine Immersion Technologies Inc. (NYSE:BMNR) stock surged Friday, extending its gains from Thursday. Nasdaq futures rose 0.67%, while S&P 500 futures gained 0.43%.
The move came as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) rallied, boosting the value of Bitmine’s digital asset holdings. On Friday, Bitcoin rose 7.08% over 24 hours to $76,787.17, while Ethereum increased 4.14% to $2,371.83, according to CoinMarketCap.
Management Update Details Holdings
On Monday, management released an update detailing the company’s digital asset reserves. Executive Chairman Tom Lee stated, “Bitmine crypto + total cash & marketable securities + ‘moonshots’ holdings total $11.4 billion, including 5.82 million ETH tokens…”
Addressing the company’s “Alchemy of 5%” initiative to acquire 5% of global Ethereum supply, Lee noted: “Bitmine owns 4.8% of the total ETH coin supply of 120.7 million. Bitmine is 96% of the way to the ‘Alchemy of 5%’ in just 14 months.”
