TradingKey – BitMine Immersion Technologies (NYSE: BMNR) has gone from being a crypto-mining company to becoming one of the largest publicly traded holders of Ether. Today, BMNR is seen as a leveraged treasury position in Ethereum, where the company’s returns depend largely on ETH price movements, staking revenue and how the company uses its capital.

As of July 26, BitMine owned 5,787,414 ETH, 208 BTC, $268M in cash and marketable securities and equity stakes in Beast Industries and Eightco Holdings. Using current ETH valuations, BitMine valued its overall crypto treasury and investments at about $11.8B. However, shares were trading at $17.92 on July 28, implying a market capitalisation of roughly $9.9B, which is lower than the…