Bitmine Immersion BMNR Stock Jumps Over 12% on $11.8 Billion Crypto Holdings

Shares of Bitmine Immersion Technologies Inc., trading under the ticker BMNR on the New York Stock Exchange, jumped over 12% in early trading Monday after the company reported $11.8 billion in Ethereum and crypto holdings.

The company's substantial Ethereum position drove its total holdings, which include 5,787,414 ether tokens valued at $1,948 each according to Coinbase data, along with smaller stakes in Beast Industries, Eightco Holdings Inc., and bitcoin.

Bitmine said it is 96% of the way toward its goal of holding 5% of the Ethereum supply, a target it calls 'the alchemy of 5%.' Chairman Thomas 'Tom' Lee noted that ether prices have reached a 10-week high, with potential near-term targets at $2,000 and $2,500.

The company has been repurchasing shares under its authorized $4 billion program, buying back 6.1 million shares in the past week alone. Since July 1, Bitmine has repurchased a total of 11.6 million shares, exceeding 'the largest ever common stock buyback for any ETH or Bitcoin Digital Asset Treasury,' according to Lee.

Bitmine's market capitalization has fluctuated with both Ethereum prices and investor sentiment toward corporate crypto treasuries. Analysts covering the shares have generally maintained constructive ratings, with consensus price targets in recent reports clustering in the mid-to-high $20s to low $30s.