BitMine Immersion Technologies (BMNR), the ether (ETH) strategy firm led by Fundstrat’s Tom Lee, moved quickly to turn dollars into cryptocurrency.

The Las Vegas-based company's share rose as much as 40% after it said it now holds 163,142 ETH, worth about $500 million, up from the $250 million it raised in a private placement on July 9.

Tom Lee likened the approach to Strategy’s (MSTR) well-known bitcoin (BTC) play, arguing that that company's large BTC holdings make the company attractive as a “sovereign put.” Lee said Strategy was an attractive bet “if a nation ever wanted to acquire 5% of the Bitcoin network.”

“Similarly, ETH Treasuries, which accumulate 5% of ETH supply, can benefit from a similar 'Wall Street put,’” Lee said.

Monday's share price surge follows last week's 65% plunge related to the $2 billion at-the-market offering. The shares were recently trading around $4.88, down from $6.25 on July 10.

Ether is down around 9% this year while bitcoin is up around 29%.

Over the weekend, bitcoin mining firm BTC Digital allocated $1 million of its cash into ETH, which it said was its new digital gold. In total, 1.5 million ETH is currently held across ether treasuries, which include decentralized autonomous organizations and publicly traded companies, according to Strategic ETH Reserve.

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