Bitmine Immersion Technologies (BMNR) stock surged over 10% on Friday. The movement followed major announcements concerning its cryptocurrency holdings and new institutional backing.
BMNR aggressively accumulated Ethereum, purchasing an additional $300 million worth over the past seven days. This expansion brings the company’s total treasury to approximately 3.97 million ETH.
Institutional confidence grew as Halter Ferguson Financial Inc. disclosed a new position. The firm acquired 217,953 shares, valued at roughly $11.3 million. This investment represents 2.6% of Halter Ferguson’s portfolio.
Analysts at B. Riley reiterated a 'Buy' rating on BMNR stock. However, the firm trimmed its price target to $47.