Bitmine climbs 6% as Ethereum rallies after SEC tokenization order

Bitmine Immersion Technologies saw its stock jump 6% to $27.42 on September 21, riding a wave of enthusiasm triggered by the SEC’s decision to let tokenized versions of US stocks trade on public blockchains. The company, which holds nearly 6 million ETH, or roughly 4.9% of the total supply, is positioned as one of the most direct beneficiaries of anything that makes Ethereum more valuable or more useful. Bitmine wasn’t alone. Coinbase climbed 6% to $205.12, and SharpLink Gaming rose about 5% to $9.80. Ethereum itself rallied nearly 6% over the prior 24 hours to roughly $2,727, as the market digested what may be the most consequential piece of crypto-adjacent regulation since spot ETF approvals. What the SEC actually did On September 17, the SEC issued what it calls an “Innovation Exemption,” a new framework that allows something called Tokenized Securities Venues to operate permissioned automated market maker liquidity pools on public blockchains. In plainer terms: regulated platforms can now facilitate on-chain trading of tokenized representations of real US stocks without having to register as traditional exchanges or dealers in certain cases. The tokenized stocks must represent ...