Bitmine (BMNR) Invests $200M in Beast Industries, Holds 3.48% of ETH Supply
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6d ago
0mins
Source: PRnewswire
- Shareholder Approval: All proposals at Bitmine's shareholder meeting were approved, with Proposal 2 receiving 81% support, indicating strong shareholder confidence in the company's strategy to increase ETH holdings, which is expected to drive stock price growth.
- ETH Holdings: As of January 19, Bitmine holds 1,838,003 ETH, valued at approximately $5.9 billion, representing 3.48% of the total ETH supply, underscoring the company's significant position and growth potential in the crypto asset market.
- Major Investment: Bitmine announced a $200 million investment in Beast Industries, which is expected to enhance its influence in the content creation space, particularly given MrBeast's vast audience, potentially yielding long-term returns for the company.
- Market Performance: Bitmine's stock has an average daily trading volume of $1.5 billion in the U.S., ranking as the 60th most traded stock, reflecting its popularity and liquidity among investors, further solidifying its market position.
Analyst Views on BMNR
Wall Street analysts forecast BMNR stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BMNR is 43.00 USD with a low forecast of 39.00 USD and a high forecast of 47.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 27.800
Low
39.00
Averages
43.00
High
47.00
Current: 27.800
Low
39.00
Averages
43.00
High
47.00
About BMNR
Bitmine Immersion Technologies Inc. is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. The Company operates in the cryptocurrency mining industry. Its business includes industrial scale digital asset mining, equipment sales and hosting operations. It is engaged in self-mining bitcoin for its own account, as well as hosting third party equipment used in mining of digital asset coins and tokens, specifically bitcoin. It conducts digital asset mining operations using specialized computers equipped with application-specific integrated circuit chips. Its data centers provide power, racks, thermodynamic management (heat dissipation and airflow management), redundant connectivity, 24/7 security, as well as software which provide infrastructure management and custom firmware that improves performance and energy efficiency.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
