BMNR Stock Soars 8.7% After Bitmine's $76M Ethereum Purchase

Bitmine Immersion Technologies' stock surged by 8.7% on Monday after it announced a $76 million Ethereum purchase, prompting a sharp rally in the market.

The company reported that it bought 42,197 ETH during the past week and now holds 5,742,237 ETH, 206 Bitcoin, $527 million in cash and marketable securities, a $180 million stake in Beast Industries, and $71 million in Eightco Holdings.

According to analysts, the company's staking revenue is expected to reach $235 million annually at the current staked ETH level, up from $16.7 million in trailing revenue.

The rally was driven by the increase in Ethereum price, which has been tracking U.S. crypto bill prospects, according to Tom Lee, chairman of Bitmine Immersion Technologies.