Monday was a good day for cryptocurrency holding companies to publish portfolio updates. In what qualifies as excellent timing, Bitmine Immersion Technologies’ (NYSEMKT: BMNR) latest release, which yet again revealed a higher pile of digital money, came early enough that morning to benefit from general crypto optimism in the market. This helped push Bitmine stock to an almost 8% gain on the day.
Bitmine’s weekly digest of its most crucial assets revealed that the company’s total Ethereum holdings have reached 4,473,587. In hard currency terms, this investment is now worth nearly $9.1 billion. That total is up from the week-ago tally of 4,422,659.
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Bitmine is chiefly, and rightfully, viewed as an Ethereum holding business, although it has a stake in No. 1 cryptocurrency Bitcoin, too. This position saw a more modest rise, clocking in at 195 from last week’s 193. Also increasing were Bitmine’s cash holdings, which grew to $868 million from $691 million.
Not every asset in the company’s portfolio was on the up, however. Its $200 million stake in the Jimmy “Mr. Beast” Donaldson-led Beast Industries held steady at $200 million, while its investment in the stock of institutional Worldcoin investor Eightco Holdings declined — that’s now worth $14 million, down from $17 million.
The calculus behind this is simple; when crypto optimism is in the air, investors like hearing that a so-called “treasury” business like Bitmine is piling into its favorite asset(s). Personally, I think crypto in general is in for a period of volatility amid the conflict in the Middle East, so I wouldn’t be so bullish, but those who believe Ethereum and other electronic coinage will do well should consider Bitmine as a sideways play.
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Eric Volkman has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
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