BitMine Immersion (BMNR) in Explosive Rally

BitMine Immersion (BMNR), currently the largest Ethereum treasury company in the world, is in the midst of an explosive rally as the firm continues an aggressive ETH accumulation spree. At time of writing, BMNR is trading at $67.62, up 111% since Wednesday after an impulsive move from the $32 level that took it all the way to $69.80 early on Monday. BMNR, with a market cap of $7.52 billion, is still down 58% from its all-time high hit in late July.

Ethereum Holdings Surpass $4.96 Billion

The rally comes as the company makes another announcement on its Ethereum holdings, which have now surpassed 1,150,263 tokens worth $4.96 billion at $4,311 per ETH, according to a press release. Tom Lee, co-founder of Fundstrat and chairman of the board of directors for BitMine, reiterated the company’s goal of acquiring 5% of all the ETH in existence.

BitMine’s Rapid ETH Accumulation

“In just a week, BitMine increased its ETH holdings by $2.0 billion to $4.96 billion (from 833,137 to 1.15 million tokens), lightning speed in the company’s pursuit of the ‘alchemy of 5%’ of ETH… We are leading crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock.”

SharpLink Gaming Inc (SBET) Also Gains

SharpLink Gaming Inc (SBET), the second-largest ETH treasury company backed by Ethereum co-founder Joseph Lubin, is also in the green on the weekly open. At time of writing, SBET, which has a smaller market cap of about $3.18 billion, is trading at $25.47, up about 50% on the month and 7% on the day.

BitMine’s Outlook for Ethereum

In a new interview with Bankless, BitMine’s Lee said that Ethereum running to $7,000 by year-end – or potentially much higher – is perfectly reasonable from his perspective.

“I think the near-term price people should think about is Ethereum getting to $4,000 because Ethereum should be a better story than it was in December. And it was $4,000 in December. So we should at least recover to that level. And then Ethereum is a better story today than it was a year ago. And a year ago, Ethereum was at 0.05 BTC [the price of ETH in Bitcoin… at 0.05 Bitcoin, it’s like almost $6,000. So, just like saying giving it credit for where it was a year ago, it should be $6,000.

But, of course, there is going to be a lot happening between now and year-end, including other Ethereum treasuries starting to buy Ethereum. Plus, Bitcoin goes up. So, I think by the year-end, it’s not unreasonable to think $7,000. Even $12,000 or $15,000 could happen.”

Current ETH Price

At time of writing, ETH is trading at $4,354, up 19.4% in the last seven days.

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