BitMine Immersion Technologies [BMNR] stock continued its price recovery after the company added another 32,447 Ethereum [ETH] to its treasury, bringing it closer to its goal of owning 5% of Ethereum’s supply. 

It has also left the shares trading close to the value of the company’s underlying assets.

BitMine held 5,847,611 ETH as of August 23, according to its latest weekly update, representing approximately 4.8% of Ethereum’s circulating supply, and puts the company 97% of the way towards its 5% target.

With the ETH price at $2,440, the tokens were worth about $14.3 billion. BitMine reported total holdings of $14.9 billion after including 210 Bitcoin, $308 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings.

Its holding was valued at $11.4 billion a week earlier, but the $3.5 billion increase can’t be attributed to the ETH that was recently added.

The 30% rally that Ethereum saw in the past few days accounted for much of the change, and the value of BitMine’s cash outside investments also increased.

BitMine has staked 5.07 million ETH and estimates that it could see around $330 million in annual revenue at current prices from this. The move shows that most of the ETH it holds is not sitting idle but generating income.

BMNR traded at $24.68 at the time of writing, gaining 2.24% during the session. It rose from below $19 over the last few days and briefly touched $24.82, returning it to levels last seen around its April and May peaks.

Earlier in the current session, treasury data placed its asset value at $23.85 per share while BMNR traded at $23.71, leaving it at 0.99 times the value of its holdings.

The rise to $24.68 seems to have erased that discount. This means investors were paying roughly the value of BitMine’s holding rather than a large premium for its treasury strategy.

After such a rapid advance, BMNR could pause or give back part of the move. It also remains closely tied to Ethereum, with a price drop in ETH reducing the treasury’s value, and this could quickly weigh on BMNR.

• BitMine’s holdings increased to 5.85 million ETH, worth about $14.3 billion at the company’s stated price.
• BMNR erased its discount to asset value after climbing to $24.68, but the rapid rally leaves room for a pullback.