Ten firms soared higher on Tuesday, recording double-digit gains in the intra-day session, as general investor optimism was bolstered by a cooler-than-expected July inflation data, thanks to lower grocery and gas prices.
On Wall Street, all major indices finished in the green, led by the tech-heavy Nasdaq at 1.39 percent, followed by the S&P 500 with a 1.13-percent gain, and the Dow Jones at 1.10 percent.
Indices aside, we name the 10 companies that performed the strongest on Tuesday and detail the reasons behind their gains. To compile the list, we focused exclusively on stocks with $2 billion in market capitalization and at least 5 million shares in trading volume.
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10. Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR)
Bitmine Immersion ended 5.87 percent higher on Tuesday after rallying as much as 14 percent at intra-day trading following plans to raise as much as $20 billion from a share sale, sparking investor excitement over the likelihood of further Ethereum acquisition.
In a regulatory filing, Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) said it filed an amended prospectus with the Securities and Exchange Commission to offer shares worth $24.5 billion at the market. This marked the second amendment after it initially sought approval last July 9 to raise $2 billion, and increased it to $4.5 billion last July 24.
In its initial prospectus, Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) said proceeds from the offer would be used for general corporate purposes, including debt repayment, share buyback initiatives, working capital, other expenditures, and fund acquisitions of businesses, technologies, or assets.
On Monday, Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) raised its Ethereum treasury to nearly $5 billion following the acquisition of 317,126 additional units, boosting its total ownership to 1.15 million and making the company the largest Ethereum treasury holder so far. The new round of acquisition followed the company’s $2.9 billion purchase of Ethereum earlier this month.
All recent transactions form part of an ETH Treasury strategy announced on June 30.
9. AST SpaceMobile, Inc. (NASDAQ:ASTS)
AST SpaceMobile snapped a four-day losing streak on Tuesday, jumping 8.36 percent after trading as much as 20.86 percent intra-day, as investor sentiment was bolstered by its plans to launch 60 satellites next year.
“We are confirming our fully-funded plan to deploy 45 to 60 satellites into orbit by 2026 to support continuous service in the US, Europe, Japan, and other strategic markets, including the US Government,” said AST SpaceMobile, Inc. (NASDAQ:ASTS) Chairman and CEO Abel Avellan in a statement.
“We also have planned orbital launches every one to two months on average during 2025 and 2026,” he added.
Additionally, AST SpaceMobile, Inc. (NASDAQ:ASTS) is planning to deploy nationwide intermittent service in the US by the end of the year, followed by the UK, Japan, and Canada in the first quarter next year. This, alone, is expected to rake in revenues between $50 million and $75 million from government and commercial customers in the second half of the year.
In the second quarter, AST SpaceMobile, Inc. (NASDAQ:ASTS) widened its net loss attributable to shareholders by 37 percent to $99.4 million from $72.5 million in the same period last year, despite revenues growing by 28 percent to $1.156 billion from $900 million year-on-year.
In the first half, attributable net loss grew by 57 percent to $145.1 million from $92.28 million in the same period last year, while revenues increased by 33.8 percent $1.874 billion from $1.4 billion year-on-year.
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