Bitmine Immersion Technologies (BMNR) is gaining 4.10% in pre-market trading after management announced plans to significantly increase authorized shares (from 500M to 50B) to fund its aggressive Ethereum-centered treasury strategy.
- The company currently holds 4.11M ETH, which represents 3.41% of the total Ethereum supply.
- The stock has seen a 612.7% 6-month gain, leading analysts to issue a Strong Buy rating with a $47 price target.
- Despite the strong performance and analyst optimism, valuation concerns persist, noting a DCF fair value estimate of only $0.18.