BitMine Immersion Technologies Inc. (NYSE:BMNR) shares are trending on Wednesday.
Check out the current price of BMNR stock here.
Shares of the blockchain technology company rose 3.62% to $32.35 in after-hours trading on Tuesday.
Ethereum Holdings Reach 3.45% Of Circulating Supply
BitMine acquired 24,266 Ethereum (CRYPTO: ETH) last week, lifting total holdings to 4.17 million ETH valued at $13 billion, representing 3.45% of ETH’s circulating supply.
Chairman Tom Lee said BitMine is close to reaching its authorized share limit of 500 million.
A shareholder vote scheduled for Thursday at Wynn Las Vegas will require approval from 50.1% of BitMine’s outstanding shares to authorize any increase.
“This is an extremely high bar,” Lee said. “When that happens, our ETH accumulation will slow.”
Total Assets Hit $14 Billion
BitMine holds 4.17 million ETH, 193 Bitcoin (CRYPTO: BTC), $988 million cash, and a $23 million stake in Eightco Holdings (NASDAQ:ORBS).
Trading Metrics, Technical Analysis
The Nevada-based company has a relative strength index (RSI) of 48.48.
BitMine has a market capitalization of $13.29 billion, with shares trading between a 52-week high of $161 and a 52-week low of $3.20.
The stock has posted an impressive 12-month performance, gaining 417.74%. This strong upward trend reflects significant investor interest and growth potential; however, traders should remain mindful of the current technical setup, which may signal a consolidation phase.
Price Action: According to Benzinga Pro data, Bitmine closed at $31.22 on Tuesday, up 0.29%.
The stock is currently positioned at 17.76% of its 52-week range, indicating it is trading closer to its lows than its highs.
Benzinga’s Edge Stock Rankings indicate that BMNR has strong momentum in the 98th percentile. Know how its momentum lines up with other well-known names.
Photo Courtesy: Zakharchuk on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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