Shares of Bitmine Immersion Technologies Inc. (NYSE:BMNR) are trading higher Monday, extending gains of roughly 25% over the trailing week. Here’s what’s driving the move.
BitMine Immersion stock is gaining positive traction. Why is BMNR stock trading higher?
Ethereum Treasury and Staking Revenues Drive Momentum
The surge comes after the company announced its total crypto, cash and “moonshot” holdings reached $14.9 billion. As of Sunday, Bitmine holds 5.85 million Ethereum (CRYPTO: ETH) tokens valued at $2,440 each, giving it control of 4.8% of the total global ETH circulating supply.
The company also highlighted rapid scaling in its native institutional staking platform, the Made in America VAlidator Network. Bitmine currently stakes over 5 million ETH, representing $12.4 billion in assets, and projects annualized staking revenue of $330 million based on a 2.67% 7-day yield.
