Bitmine Immersion Technologies Inc (NYSE:BMNR) stock is surging on Thursday following updates regarding its Ethereum (CRYPTO: ETH) treasury strategy. The move comes after it disclosed its portfolio and nears its goal of acquiring 5% of the global circulating Ethereum supply.
The Nasdaq is up 0.84% while the S&P 500 has gained 0.44% and Technology is leading with a 2.28% gain.
• BitMine Immersion shares are powering higher. What’s behind BMNR gains?
Treasury Progress
According to Tom Lee on the Bankless podcast on Monday, Bitmine Immersion holds about 5.82 million Ethereum. The holding puts the company roughly 97% of the way toward its 5% global supply target. The firm needs to acquire approximately $350 million in Ethereum to reach the goal, which Lee predicts will happen by the end of the year or sooner.
