An operational update, combined with the Federal Reserve's (Fed) quarter-point rate cut, was helping drive Bitmine Immersion Technologies's (BMNR 6.37%) stock higher over the past few trading days. According to data compiled by S&P Global Market Intelligence, the shares were climbing xx% higher week-to-date in Friday mid-session trading.
A beneficial cut
The Fed's rate slice, announced following the wrap-up of its Federal Open Market Committee's December meeting, was largely anticipated by market players. Nevertheless, as lower rates generally support cryptocurrency prices to a degree, that extends to crypto "treasury" companies like Bitmine.
Image source: Getty Images.
Rewinding the clock slightly, on Monday Bitmine published its latest weekly operational update. This revealed that management is still very bullish on the future of Ethereum, its favored digital coin. The company's Ethereum holdings comprised 3,864,951 units of the cryptocurrency, following its acquisition of 138,452 over the preceding week.
In the update, Bitmine wrote that its continued belief in Ethereum stemmed from, among other factors, the Fusaka upgrade earlier this month. This was a significant adjustment of the Ethereum network that, in the company's opinion, "delivers an array of improvements in scalability, enhanced security, and usability."
Bitmine also revealed that it added one Bitcoin to its collection of the No. 1 crypto, for a new total of 193. Meanwhile, its stake in fellow crypto stock Eightco Holdings stood at $36 million, and its cash holdings amounted to $1 billion.
NYSEMKT: BMNR
Key Data Points
Weighty investment
Bitmine's updates, at first glance, make it look like the company's portfolio is well-diversified. In fact, its holdings are heavily weighted in favor of Ethereum. So ultimately, Bitmine feels like an appropriate investment for fellow Ethereum believers who want a little hedging along with that monster stake. Other investors might be better off passing on the stock.
