B.Riley maintained its Buy rating and $47 price target for Bitmine Immersion Technologies (BMNR), citing the company's recent $200 million investment in Beast Industries as a key strategic diversification move beyond traditional Ethereum accumulation.
- The investment aims to secure marketing access to MrBeast's 450 million followers and facilitate MAVAN staking monetization through Beast's DeFi platform, enhancing institutional credibility.
- BMNR currently holds $14 billion in crypto assets, including 4.17 million ETH, supporting its 'Alchemy of 5%' strategy amid significant yearly gains.
- The stock closed the session at $31.20 (+1.09%) and traded slightly higher after hours at $31.25.