On August 27, BitMine Immersion Technologies Inc. rose 5.22% in regular trading, trading at $26.145/share, with turnover of $457 million. The rally was driven by Bitcoin sustaining above $79,000 and the company's ongoing Ethereum treasury strategy.

The company disclosed that as of August 23, it holds approximately 5.848 million ETH, representing roughly 4.8% of total ETH supply. Over the past week, BitMine purchased an additional 32,447 ETH, continuing its weekly buying pattern since launching the ETH treasury strategy in June last year. Approximately 87% of its ETH holdings are currently staked, generating estimated annualized staking revenue of approximately $330 million. Total crypto assets, cash, and marketable securities stand at approximately $14.9 billion.

Separately, B. Riley recently adjusted its price target on the stock to $25 from $33 while maintaining a Buy rating. Within the Application Software sector, Strategy rose 9.91%, Circle Internet Corp. gained 5.43%, Salesforce.com surged 21.04%, Palantir Technologies rose 3.81%, and Synopsys gained 8.67%.

(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.)