B. Riley has initiated coverage on Bitmine Immersion Technologies (BMNR) with a "Buy" rating and a $90.00 price target, signaling a potential 67% upside from the price of $53.80. In its report, the investment firm highlighted BMNR's position as the largest Ethereum Digital Asset Treasury Corporation (DATCO) and its strategic plan to acquire a 5% stake in the Ethereum network. The positive outlook is attributed to the company's experienced management team, its ability to raise capital, and what B. Riley described as "achievable plans" for acquiring a larger network stake. This initiation comes as the company's stock has already experienced a significant 590% return year-to-date. In separate news based on on-chain data, it was reported that BitMine also added approximately $417 million worth of Ethereum to its corporate treasury.