After gaining +694% at Monday's close, shares of Bitmine Immersion Technologies Inc (NYSE:BMNR) rose another 35.69% on Tuesday. The stock closed at $46 yesterday, after peaking at $74.80 during the session.
At its peak, the stock price rose by 1655% compared to Friday's close, an almost unprecedented increase.
The driving force behind this astonishing rise was the announcement of a $250 million investment in Ethereum and the appointment of Tom Lee, the well-known Wall Street analyst, to the company's board.
Speaking on CNBC on Monday, he said that Ethereum could essentially become the next Bitcoin, primarily due to its importance in the booming stablecoin sector, which many experts, including U.S. Treasury Secretary Scott Pelley, believe is poised for massive growth.
There have been many other examples of stock rises following announcements of investments in cryptocurrencies since the beginning of the year. However, the observation is always the same: the market drifts away and then quickly returns to earth, without erasing all gains.
