Crypto
BitMine's Ether Holdings Soar as SEC Clears Path for Tokenized Shares
BitMine's stock price surged 6.75% to $27.745 in regular New York trading on Monday, as the company added 27,562 ether to its Ethereum hoard.
The move lifted BitMine's total holdings of ether to 5.984 million tokens, reaching 98% of its goal.
According to the Securities and Exchange Commission (SEC), conditional relief has been granted for venues trading tokenized U.S. shares, supporting Ethereum's institutional use case but not creating direct revenue for BitMine.
Analysts remain sharply divided on the company's prospects, with Cantor Fitzgerald's $63.60 target implying 129% upside from Monday's price and B. Riley's $30 target offering only 8% growth potential.