BitMine Immersion Technologies (BMNR) stock continued to be a hot topic among traders on Monday as many have high expectations for the blockchain technology company. That’s due to its massive $250 million private placement, with the funds to be used to create a crypto treasury.
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BitMine Immersion Technologies intends to use the funds to purchase Ethereum (ETH), copying Strategy’s (MSTR) shift to a Bitcoin (BTC) treasury. That move has worked out well for MSTR shareholders, with the stock up 38.06% year-to-date and 213.03% over the past 12 months.
While Ethereum’s $2,552.19 price and $308.09 billion market capitalization trail Bitcoin’s $108,161.13 price and $2.15 trillion market cap, it’s still the second-largest crypto behind BTC. Additionally, BitMine Immersion Technologies’ interest in the token comes alongside the recruitment of strategist Tom Lee as its Chairman. Lee is a long-time supporter of Ethereum.
BitMine Immersion Technologies Stock Movement Today
BMNR stock was down 10.73% on Monday morning, but remains up 1,388.72% year-to-date. The stock has also rallied 1,138.35% over the past 12 months. While shares have pulled back some today, that’s not too surprising considering its massive rally over the last few weeks. The shares now trade for $120.52 each, compared to the $4.27 they traded for before the decision to create an Ethereum treasury.
BMNR vs MSTR: Which Is the Better Crypto Treasury Stock?
Turning to the TipRanks comparison tool, traders can see how BitMine Immersion Technologies and Strategy stack up to each other. MSTR has been in the crypto treasury game longer than BMNR, and has more analyst coverage as a result. The consensus for it is Strong Buy with a potential 32.3% upside. Once analysts start to weigh in on BMNR shares, it could see similar praise, though scaled for its ETH investment compared to Strategy’s BTC holdings.
