Bitmine Immersion Technologies (BMNR), an Ether (ETH) strategy company led by FundStrat Tom Lee, quickly turned the dollar into a cryptocurrency.
The Las Vegas-based company’s share rose 40% after saying it owns 163,142 ETH, up from the $250 million raised in its private placement on July 9.
Tom Lee compared the famous approach to Bitcoin in Strategy (MSTR)
Play with the company’s large BTC holdings claiming that it makes the company attractive as a “sovereign put.” Lee said the strategy is an attractive bet “if the country wants to win 5% of the Bitcoin network.”
“Similarly, the ETH Treasury, which accumulates 5% of the ETH supply, can benefit from a similar ‘wall street put’,” Lee said.
The stock price surge on Monday follows a 65% surge related to the $2 billion offering in the market last week. The stock was recently trading around $4.88, starting from $6.25 on July 10th.
Ether has dropped by around 9% this year, while Bitcoin has risen by around 29%.
Over the weekend, Bitcoin mining company BTC Digital allocated $1 million in cash to ETH. A total of 1.5 million ETHs are held across the Etheric Ministry, according to the Strategic ETH Reserve.
