BitMine Immersion Surges 40% After Revealing $500M ETH Treasury

BitMine Immersion Technologies (BMNR), the ether ($ETH) strategy firm led by Fundstrat’s Tom Lee, moved quickly to turn dollars into cryptocurrency.

The Las Vegas-based company's share rose as much as 40% after it said it now holds 163,142 $ETH, worth about $500 million, up from the $250 million it raised in a private placement on July 9.

Tom Lee likened the approach to Strategy’s (MSTR) well-known bitcoin

“Similarly, $ETH Treasuries, which accumulate 5% of $ETH supply, can benefit from a similar 'Wall Street put,’” Lee said.

Monday's share price surge follows last week's 65% plunge related to the $2 billion at-the-market offering. The shares were recently trading around $4.88, down from $6.25 on July 10.

Ether is down around 9% this year while bitcoin is up around 29%.

Over the weekend, bitcoin mining firm $BTC Digital allocated $1 million of its cash into $ETH, which it said was its new digital gold. In total, 1.5 million $ETH is currently held across ether treasuries, which include decentralized autonomous organizations and publicly traded companies, according to Strategic $ETH Reserve.