Bitmine Immersion Technologies controls 2.8% of Ethereum’s circulating supply, aiming for 5%, with current holdings of 3.4 million ETH valued at $11.39B. Stock crashed from $63 to $40 during recent crypto flash crash, leaving $1.3B in unrealized losses. Company paid average $4,037 per ETH token and holds $389M in cash.

Bitmine Immersion Technologies is an Ethereum treasury company, led by Ethereum cheerleader Thomas Lee. Company seeks to control 5% of Ethereum’s circulating supply and currently holds 2.8%. Recent acquisition of 82,353 ETH brings total position to 3.4 million. Company’s value dependent on Ethereum’s price performance.

Bitmine Immersion Technologies holds 3.4 million ETH valued at $11.39B at Ethereum price of $3,350. Company also holds $389M in cash. BMNR stock serves as proxy for owning Ethereum directly. Recent crash in Ethereum price to $3,350 resulted in BMNR stock dropping to $40. Lee remains confident in market consolidation.

Lee predicts Ethereum could rally to $7,000 by year-end. Bitmine Immersion Technologies reportedly paid $4,037 per ETH token on average. Company is sitting on over $1.3B in unrealized losses with $389M in cash as potential “dry powder.” Uncertain future price path of Ethereum makes owning BMNR stock a speculative investment.

Read more at Yahoo Finance: Is Bitmine Immersion Technologies (BMNR) Stock at $100 a Pipe Dream?