Why Bitmine Immersion Technologies Stock Is Soaring Today

Bitmine Immersion Technologies (NYSEMKT: BMNR) stock is surging in Tuesday's trading following news of a major strategic move. The Ethereum-focused crypto holding company's share price was up 4.4% as of 12:40 p.m. ET. Meanwhile, Ethereum was up 2.9% over the previous 24 hours of trading. Bitmine had been up as much as 11.9% earlier in trading.Bitmine's valuation is rocketing higher today following an announcement that the company will be issuing $20 billion in new stock and using the proceeds to buy Ethereum. While the new stock sale will be heavily dilutive for current shareholders, investors are reacting positively to the big fundraising and crypto purchase news.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool