Bitmine Immersion Technologies Inc. (BMNR) surged 14.68% to $58.98 per share on Monday, becoming one of the best-performing stocks. The company increased its Ethereum treasury to nearly $5 billion, acquiring 317,126 units to become the largest ETH treasury globally. Chairman Thomas Lee noted the rapid growth in ETH holdings and stock liquidity.

The recent acquisition of 317,126 units added to Bitmine Immersion’s existing 833,137 units, totaling over 1.15 million units. This move solidified the company’s position as the largest ETH treasury worldwide, with an average price of $4,311 per unit. The rapid increase in holdings showcases Bitmine’s commitment to growing its crypto NAV and trading liquidity.

Bitmine Immersion’s ETH treasury strategy has been successful, with recent acquisitions totaling $2.9 billion. While BMNR presents investment potential, some believe that AI stocks offer greater returns and lower risks. For those seeking a cheap AI stock with growth potential, a report on the best short-term AI stock is available.

Read more at Yahoo Finance: Bitmine (BMNR) Soars 14.68% on New $5-Billion ETH Treasury