On August 27, BitMine Immersion Technologies Inc. rose 5.02% in pre-market trading, trading at $26.21/share, with turnover of $4.5076 million, extending a multi-day rally fueled by crypto market strength.
On the news front, Bitcoin continues to hold firmly above $79,000, supporting broad strength across cryptocurrency-linked equities. The company recently disclosed that as of August 23, it holds approximately 5.848 million ETH, representing roughly 4.8% of total ETH supply, with 32,447 ETH added in the past week alone as part of its ETH treasury strategy launched in June last year. Approximately 87% of the ETH holdings are staked, generating an estimated annualized staking income of approximately $330 million. Total crypto assets, cash, and marketable securities stand at approximately $14.9 billion.
Notably, B. Riley maintains a Buy rating on the stock with a $25 price target, a level the stock has now surpassed. Options flow on August 27 showed dominant capital concentrated in premium-collecting put-selling structures, indicating a defensive rather than aggressively bullish institutional posture.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)