Bitmine Rises 8% as Ethereum Surges and Cantor Targets $63.60

Shares of Bitmine Immersion Technologies (NYSE: BMNR) are rising sharply in morning trading, climbing an impressive 8% to $26.09.

This surge comes as Ethereum trades notably higher, having gained 7% over the past 24 hours and reaching a price of $2,606.20.

The significant move is largely attributed to Cantor Fitzgerald's decision to double its price target on Bitmine stock to $63.60, up from $30.60, while maintaining an Outperform rating on the shares.

As Thomas Lee runs the strategy as chairman, Bitmine holds an Ethereum treasury of 5.93 million tokens, which makes the stock a leveraged proxy for Ethereum's price movements in both directions.