Cantor Fitzgerald raised its price target for BitMine Immersion Technologies to $63.60 from $30.60. The firm maintained its overweight rating on the shares.
The new target represents a potential upside of approximately 163% from the stock's previous closing price.
This upgrade follows announcements that BitMine now holds 4.9% of the total Ethereum supply. The company is strategically shifting its focus from crypto mining to accumulating and staking Ethereum for its digital-asset treasury.