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BitMine Immersion Technologies (BMNR), a Las Vegas-based Ethereum treasury company, has seen its shares decline by 46.1% over the past 30 days, currently trading significantly below its 52-week high of $161. The company holds approximately 3.63 million Ethereum tokens, representing about 3% of the total ETH supply, with combined cash and crypto assets exceeding $11 billion as of November 23. Recently, BMNR acquired 69,822 ETH tokens to bolster its holdings.
BitMine completed a $250 million PIPE private placement earlier this year to support its expansion, while also becoming the first large-cap crypto company to declare an annual dividend of $0.01 per share, payable on December 29, 2025. However, concerns regarding stock valuation persist, with BMNR holding a Value Score of F, and the company has fallen below its 50-day moving average, suggesting bearish market trends.
The company aims to accumulate 5% of Ethereum’s total supply, a strategy that Chairman Lee believes will help position BitMine for long-term growth. The Wall Street average target price for BMNR stands at $53.5, indicating a potential upside of 72% from current levels, despite the ongoing volatility in the crypto market that impacts the stock price.
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