BMNR Stock Soars as Ethereum Holdings Fuel Staking Revenues
Bitmine Immersion Technologies Inc. (BMNR) has seen its stock rise by 3.97% after favorable coverage of its expansion into immersion mining.
The company's stock climbed from the mid-$14s to around $18.10 as of August 4, with sharp bursts showing how it can react violently when sentiment shifts.
BMNR trades like a crypto rocket strapped to a small operating business, with revenue sitting near $6.1M against an enterprise value of $10.17B, implying a high price-to-sales ratio north of 150.
The real story behind BMNR's move is its balance sheet, which includes $11.1B-$11.8B in combined crypto, cash, securities, and 'moonshot' bets. About 5.74M-5.8M ETH, equal to roughly 4.8% of all ETH in existence, are staked through the company's MAVAN platform.
Management expects to reach a 5% share of total ETH supply by 2026 and is already generating estimated annualized staking revenues in the $235M-$299M range.