BMNR is trading at $20.59 (+4.3%) following a 13F filing revealing that BlackRock increased its stake by 165.6% to 9.05 million shares.
- BlackRock's position is now valued at $246 million, while Cathie Wood's Ark Invest further bolstered sentiment by adding $4.2 million in shares.
- The institutional accumulation serves as the primary driver for the company, which acts as an Ethereum treasury play holding 4.3 million ETH.
- Broader crypto market tailwinds provide additional support, with BTC (+2.35%) and ETH (+2.45%) both rising since the previous close.