Bitmine (BMNR) Jumps 9.8% on Bitcoin, ETH Surge
We recently published 10 Big Names Feasting on Gains Ahead of Thanksgiving. Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) is one of the best-performing stocks on Wednesday.
Bitmine Immersion jumped by 9.79 percent on Wednesday to finish at $31.74 apiece as investor sentiment was fueled by an overall market optimism, alongside the jump in Bitcoin and Ethereum prices.
As of writing, Bitcoin and Ethereum—two of Bitmine Immersion Technologies, Inc.’s (NYSEAmerican:BMNR) cryptocurrency assets—jumped by 3.20 percent and 2.06 percent to $90,000 and $3,000, respectively, as investor sentiment was bolstered by renewed optimism for a Fed rate cut next month.
The rally was supported by news earlier this week that the company officially achieved its target to own 3 percent of Ethereum’s total market supply following the acquisition of 69,822 ETH tokens just last week.
At present, Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) now owns nearly 3.63 million ETH tokens, bearing an average price of $2,840, or a total of $10.3 billion.
Additionally, the company holds 192 Bitcoins and holds a $38 million stake in Eightco Holdings, which invests in Worldcoin.
“The continued decline in crypto prices in the past week reflects the impaired liquidity since October 10th, as well as price technicals, which remain weak. A few weeks ago, we noted the likely downside for ETH prices would be around $2,500 and current ETH prices are basically there. This implies asymmetric risk/reward as the downside is 5 percent to 7 percent, while the upside is the supercycle ahead for Ethereum,” said Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) Chairman Thomas Lee.
While we acknowledge the potential of BMNR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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