Bitmine -Sinking Technologies (BMNR)The ether (Eth) Strategy company led by Fundstrats Tom Lee moved quickly to convert dollars into cryptocurrency.
The Las Vegas-based company’s share rose as much as 40%after it said it now has 163,142 ETH, worth about $ 500 million, up from the $ 250 million it raised in a private location on July 9.
Tom Lee compared the approach to the strategy (Mstr) Known Bitcoin
gameIt argues that the company’s large BTC stocks make the company attractive as a “sovereign put.” Lee said the strategy was an attractive effort “If a nation would ever acquire 5% of the Bitcoin network.”
“Similarly, ETH Treasuries, which accumulates 5% of the ETH supply, can benefit from a similar ‘Wall Street Put,’ Lee said.
Monday’s stock price increase follows last week’s 65% jump related to the $ 2 billion dollars on the market. The shares recently traded around $ 4.88, down from $ 6.25 on July 10.
Ether is down about 9% this year, while Bitcoin is up about 29%.
Over the weekend, Bitcoin awarded BTC Digital $ 1 million of its cash to ETH, as it said was its new digital gold. In total, 1.5 million ETH is currently held across Ether Treasuries, which includes decentralized autonomous organizations and listed companies, according to strategic ETH reserve.
