Bitmine (BMNR) Soars 24% on Easy $423-Million Unrealized Gain From ETH’s Jump to $4K Level

We recently published 10 Stocks with Eye-Popping Gains; 5 Jump to New Highs. Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) is one of the best-performing stocks on Friday.

Bitmine Immersion extended its winning streak to a fourth consecutive day on Friday, soaring 24.59 percent to close at $51.43 apiece, as investors gobbled up shares following Ethereum’s rally past the $4,000 level that easily translated to as much as $423 million in gains.

Investors were quick to load up positions in Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) after announcing on Monday that it is now the world’s largest Ethereum treasury holder to date.

This followed the acquisition of worth $3 billion Ethereum coins, involving 833,137 units at an average price of $3,491.86. The transaction was made in just more than 30 days after announcing its ETH Treasury strategy in June this year.

From the average acquisition price, Bitmine Immersion Technologies, Inc.’s (NYSEAmerican:BMNR) ETH ownership already translates to gains of more than $423 million.

Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) claims to be the third largest cryptocurrency treasury holder to date, next to Strategy Inc. (NASDAQ:MSTR) and MARA Holdings Inc. (NASDAQ:MARA). It said it plans to bolster its treasury of ETH to up to 5 percent of the total supply.