Publication of Crypto Reserve Data Boosts Bitmine Shares by 20%

This morning, Bitmine (BMNR) shares jumped nearly 20% after the mining company released data on its digital asset holdings. On Monday, November 24, the organization announced that it holds $11.8 billion worth of cryptocurrencies, including so-called “moonshots.”

At present, Bitmine’s portfolio includes 3,629,701 ETH, 192 BTC, and a $38 million stake in Eightco Holdings (“Moonshots”). According to the reports, the company also has $800 million in unused cash reserves. The amount of ETH held by Bitmine represents 3% of the total supply of the altcoin.

Despite a 50% drop from the cryptocurrency market peak in October, Bitmine shares are still up 630% compared to late June, when the company began accumulating Ethereum.

Unlike BMNR shares—which surged 20%—the price of Ethereum increased only 2% in the last 24 hours, reaching $2922. The largest cryptocurrency by market capitalization, Bitcoin, shows neither positive nor negative momentum, fluctuating around $87,000.

Alongside Bitmine’s surge, shares of SharpLink Gaming also rose—almost 6%, climbing above $10. Meanwhile, Strategy Inc. shares, despite recent issues involving the MSCI index and JPMorgan, increased by 5%.

See also: "U.S. Banks Allowed to Hold Ethereum as a Primary Asset"

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