The price of Bitcoin miner BitMine Immersion Technologies jumped on Monday after the NYSE-listed company, which in late June announced a private placement to add to its Ethereum treasury, surpassed $500 million in ETH holdings through its latest purchases of the asset. But by the end of the day, most of the gains had evaporated.

BitMine (BMNR) stock spiked to a daily peak of $59.00—a 45% surge over the Friday closing price of $40.62. But by the end of a highly volatile day, the stock price had fallen to $41.02, barely 1% up on the day. And the falling price of ETH put the value of its stockpile under $500 million by that point, as well.

The company’s stock price has ranged wildly over the past month amid the start of its ETH treasury strategy, wi

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Author: Mathew Di Salvo

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