Editor's PiCK
"Better than coins"...Bitmain skyrockets up to 700% intraday on Ethereum reserves announcement
Summary
- Bitmain announced its Ethereum (ETH) reserve accumulation plan, resulting in a 694.84% stock surge.
- Bitmain stated it completed a private placement agreement to raise $250 million for Ethereum reserve accumulation.
- Renowned investor Tom Lee was appointed Chairman of the Board, drawing investor attention to the convergence of traditional finance and virtual assets.
Bitcoin (BTC) mining company Bitmain Immersion Technologies (hereafter Bitmain) surged sharply.
On the 30th (local time), Bitmain closed at $33.90 on the New York Stock Exchange (NYSE), soaring 694.84% from the previous day. In after-hours trading, it continued to climb, recording an additional 38.91% increase.
It is analyzed that investors flocked in after Bitmain announced its plan to accumulate Ethereum (ETH) reserves. On the same day, Bitmain stated in an official announcement, "We have completed an agreement to privately issue more shares to secure funding for accumulating Ethereum reserves." The amount raised was $250 million.
In addition, Bitmain appointed renowned investor Tom Lee, head of Fundstrat Global Advisors, as Chairman of the Board. Tom Lee said, "This deal involved participation from both traditional finance and virtual asset (cryptocurrency) venture capital," adding, "This indicates that traditional finance and virtual assets are merging rapidly."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
![[Exclusive] KakaoBank meets with global custody heavyweight…possible stablecoin partnership](https://media.bloomingbit.io/PROD/news/a954cd68-58b5-4033-9c8b-39f2c3803242.webp?w=250)
