Introduction to BitMine Immersion Technologies, Inc.
Shares of BitMine Immersion Technologies, Inc. (NASDAQ:BMNR) are trading higher Monday. The crypto mining company provided an update on its treasury holdings.
Update on Treasury Holdings
BitMine said it now owns 3% of the Ethereum (CRYPTO: ETH) token supply as the corporate continues to pursue its goal of owning 5% of the entire supply. The company’s cryptocurrency, money holdings and “Moonshots” now total $11.2 billion, including 3.63 million ETH tokens, unencumbered money of $800 million and other crypto holdings.
Market Analysis
“The continued decline in crypto prices up to now week reflects the impaired liquidity since October tenth, in addition to price technicals, which remain weak,” said Thomas Lee of Fundstrat. “A number of weeks ago, we noted the likely downside for ETH prices can be around $2,500 and current ETH prices are principally there. This implies asymmetric risk/reward because the downside is 5% to 7%, while the upside is the supercycle ahead for Ethereum.”
Company Overview
BitMine stays the biggest Ethereum treasury on the planet. The company said the GENIUS Act and the SEC’s Project Crypto are transformational for financial services. The company noted that it is going to hold its annual shareholders meeting on the Wynn Las Vegas in January.
Technical Analysis
From a technical perspective, BitMine is currently trading roughly 40.5% below its 50-day moving average of $48.33, indicating a possible area of resistance should the stock try and get well. Conversely, it’s trading just 0.1% above its 200-day moving average of $28.72, suggesting that this level could function a critical support point within the near term. The relative strength index (RSI) is at 27.47, signaling that the stock is in oversold territory, which can attract buyers on the lookout for a rebound.
Current Price Action
Shares of BitMine were up 10.85%, trading at $28.81 on the time of publication on Monday, in accordance with Benzinga Pro.
Conclusion
In conclusion, BitMine Immersion Technologies, Inc. has seen a rise in its stock price following an update on its treasury holdings. The company’s goal of owning 5% of the Ethereum token supply and its current holdings of $11.2 billion in cryptocurrency, money, and "Moonshots" make it a major player within the crypto market. As the corporate continues to navigate the ever-changing landscape of cryptocurrency, it is going to be interesting to see how its stock performs in the approaching weeks and months.
