Bitmine (BMNR) Climbs 19.6% as Firm Hits Ownership of 3% Supply

Core Insights - Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) has shown strong performance, with a 19.62% increase in stock price, closing at $31.10, following its acquisition of additional Ethereum coins, raising its total ownership value to $10.3 billion [1][2]. Group 1: Company Performance - Bitmine acquired 69,822 new Ethereum tokens last week, increasing its total Ethereum holdings to 3.6 million tokens, which represents 3% of the total supply of Ethereum [2]. - The average price of Bitmine's Ethereum tokens is $2,840 each [2]. - The company also holds 192 Bitcoins and has a $38 million stake in Eightco Holdings, which focuses on Worldcoin, along with $800 million in cash [3]. Group 2: Market Context - The recent decline in cryptocurrency prices is attributed to impaired liquidity since October 10th and weak price technicals. Current Ethereum prices are around the previously noted downside target of $2,500, indicating a potential asymmetric risk/reward scenario [4]. - The downside risk for Ethereum is estimated at 5% to 7%, while the potential upside is linked to a supercycle ahead for Ethereum [4].