BitMine Stock Surges on Treasury Holdings Valued at Over $15 Billion

BitMine Immersion Technologies' stock rose 5.8% to $25.625 by 9:51 a.m. ET Friday, increasing its market value to about $15.46 billion.

The Ethereum-treasury company's reported holdings were worth approximately $26.03 for each of the 603.2 million common shares last disclosed, only 1.6% more than Friday's share price.

When subtracting the $350 million liquidation preference of its perpetual preferred stock and other liabilities, taxes, expenses, or any change in the share count, the apparent discount has already disappeared on that simple adjustment.

The reported holdings included 5,929,198 Ether priced at $2,495 each, 211 Bitcoin, $593 million of cash and marketable securities, a $180 million stake in Beast Industries, and a $91 million stake in Eightco Holdings.