Why Bitmine Immersion Technologies Popped by More Than 11% Today

Core Insights - Bitmine Immersion Technologies (NYSEMKT: BMNR) reported a positive operational update, leading to an over 11% increase in stock price on a favorable day for crypto stocks [1][3]. Company Holdings - As of the end of September, Bitmine held over 2.83 million Ethereum, valued at approximately $13.3 billion, making it the largest holder of Ethereum globally [3]. - In addition to Ethereum, Bitmine also owned 192 Bitcoin and a $113 million stake in Eightco Holdings [3]. Peer Company Impact - Eightco Holdings, a company in which Bitmine has a stake, announced plans to raise $250 million to invest in the rising cryptocurrency Worldcoin, which may have contributed to Bitmine's stock performance [4].