$ETH Shares of Bitmine Immersion Technologies (NYSE:BMNR) are climbing sharply in Friday morning trading as Ethereum (CRYPTO:ETH) trades higher and a doubled Cantor Fitzgerald price target hands the crypto treasury trade a fresh anchor. Bitmine stock is up 8% to $26.09 in a morning session that's already seen an outsized single-name run. Ethereum is up 7% over the past 24 hours to $2,606.20.
Bitmine holds an Ethereum treasury of 5.93 million tokens, which is the mechanism that turns the stock into a leveraged proxy for the asset. The company raises capital in public markets and buys digital assets for its balance sheet, so shareholders carry exposure to both the treasury's mark and Ethereum's direction at the same time. Bitmine funds some of those purchases by issuing new shares, which enlarges the treasury and the share count together, and Thomas Lee runs the strategy as chairman.
Bitmine holds an Ethereum treasury of 5.93 million tokens, which is the mechanism that turns the stock into a leveraged proxy for the asset. The company raises capital in public markets and buys digital assets for its balance sheet, so shareholders carry exposure to both the treasury's mark and Ethereum's direction at the same time. Bitmine funds some of those purchases by issuing new shares, which enlarges the treasury and the share count together, and Thomas Lee runs the strategy as chairman.
