BMNR Up 5% After 77,000 ETH Purchase—And Another 120% Move May Be In Play

Shares of BitMine Immersion Technologies Inc. (NYSE:BMNR) advanced over 5% on Monday after its record Ethereum (CRYPTO: ETH) accumulation reignited bullish sentiment in crypto-linked equities.

BitMine Expands Ethereum Treasury to 3.31 Million Tokens

The company announced it now holds 3.31 million Ethereum valued near $13.8 billion.

It also holds $305 million in unencumbered cash and additional crypto assets, totaling $14.2 billion in combined value.

Chairman Thomas Lee confirmed the purchase of 77,055 ETH last week.

The move increased BitMine’s ownership to 2.8% of Ethereum’s supply as it advances toward its “alchemy of 5%” goal.

Lee called U.S.–China trade progress “positive for Ethereum and crypto broadly.”

He said recent deleveraging created “an attractive risk-reward” opportunity for long-term investors.

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