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Key Points
Bitmine Immersion Technologies (NYSEMKT: BMNR), known in the cryptocurrency world as a top holder of Ethereum, had some good news to report on a positive Monday for crypto stocks. It also benefited from its association with a prominent peer company and the altcoin in which that business specializes.
On the back of an operational update detailing its holdings in Ethereum and other assets, investors traded the stock up by more than 11% on the day.
In the Ether
Companies that mine and/or acquire top cryptocurrencies like to publish monthly operational updates, and Bitmine is no exception. On Monday morning, it disclosed its latest figures, revealing that as of the end of September, it held just over 2.83 million Ethereum (worth approximately $13.3 billion at the current price). In addition to this, Bitmine also held 192 Bitcoin and a $113 million stake in Eightco Holdings. This reinforces Bitmine's status as the holder of the largest Ethereum treasury worldwide.
Small World
However, it might have been Eightco that was the real star of Bitmine's portfolio on Monday. That company announced less than a month ago it aims to raise $250 million to fund its efforts to build a position in the recently burgeoning crypto Wordlcoin.
This article has been published in fool.com via Yahoo News.
