Bitmine Immersion Technologies shares rise 7.19% premarket after accumulating $500 million in ether.

Bitmine Immersion Technologies, Inc. rose 7.19% in premarket trading, driven by the news that the company has accumulated approximately $500 million worth of ether as part of its Ethereum treasury strategy. This significant holding of ether, which reached 163,142 ether, was achieved shortly after the company closed a $250 million private placement. The company's strategy of increasing ether holdings per share through cash flow reinvestment and capital markets activities has been highlighted as a potential driver of stock price appreciation.