BitMine Immersion Boosts Ethereum Holdings, Stock Dips

BitMine Immersion, a Bitcoin miner listed on the NYSE, recently acquired over $265 million worth of Ethereum, increasing its holdings to 3.73 million Ethereum. Despite this, the companys stock dropped by 12% due to a general decline in cryptocurrency prices. BitMine also holds 192 Bitcoin and $882 million in cash, along with a $36 million stake in Eightco. Although the companys shares have surged by 301% year-to-date, Ethereums price has been volatile, dropping by 9.7% in a day to $2,745. BitMine paid an average of $3,800 per Ethereum, indicating a paper loss on recent purchases. Ethereums current price is 45% below its August record. However, BitMine Immersions Chair, Tom Lee, believes the crypto market has stabilized after a turbulent fall.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.