BitMine (BMNR) Stock Jumps 8% as Ethereum Treasury Reaches $9.1 Billion

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TLDR

  • BitMine’s stock surged almost 8% following the revelation that it holds 4,473,587 ETH tokens valued at approximately $9.1 billion.
  • Chairman Tom Lee purchased more than 50,000 new Ethereum tokens in a single week amid Middle East tensions.
  • BitMine currently owns about 3.71% of the total existing Ethereum supply.
  • Technical analysis signals a Strong Sell, featuring 15 bearish indicators compared to only one bullish.
  • Analysts have a consensus Buy rating, with an average 12-month price target of $34.50 — representing roughly 63% upside from current levels.

BitMine Immersion Technologies (BMNR) rose nearly 8% on Thursday after announcing a $9.1 billion Ethereum treasury, as Chairman Tom Lee maintains an aggressive purchasing strategy despite geopolitical tensions.

BMNR Stock Card

The stock opened at $21.12. Over the last year, it has ranged from $3.20 to $161.00.

BitMine now holds 4,473,587 ETH tokens. At today’s prices, that holding is worth around $9.1 billion.

That number grew quickly. Only a week earlier, the holding was smaller — indicating the company added over 50,000 tokens in just a few days.

Tom Lee, the chairman, has been guiding this accumulation strategy. The company now holds roughly 3.71% of the world’s total Ethereum supply.

Ethereum itself remained stable throughout the week. ETH gained 3.81% in the past five days, hitting $2,122.

Institutional Money Moving In

The growth of the treasury isn’t the only development. Several institutional investors have also been buying into the stock.

Amova Asset Management Americas Inc. established a new position in Q3, purchasing 3,781,818 shares of BMNR stock worth approximately $196.5 million. This makes BMNR its 14th largest holding, accounting for 1.9% of its portfolio.

ARK Investment Management also joined in Q3, with a stake valued at around $387.9 million.

Other new Q3 investors include Insigneo Advisory Services, Cresset Asset Management, Reyes Financial Architecture, and CI Investments.

Technical Signals Tell a Different Story

Not all indicators are positive. The technical outlook for BMNR is showing warning signs.

Moving averages are the most significant factor here — all 12 are bearish, with no neutral or bullish readings.

Oscillators are also skewing negative: three bearish, six neutral, one bullish.

Despite these alerts, traders seem to be focusing on ETH’s price momentum and BitMine’s purchasing activity instead of the technical charts.

BitMine’s 50-day moving average is $25.31. Its 200-day moving average is $37.61 — significantly higher than Thursday’s opening price.

The company’s latest earnings, released on January 13, showed $2.29 million in revenue and a loss of $0.05 per share. Return on equity was 7.89%.

Analyst opinions are more positive. Cantor Fitzgerald gave an Overweight rating with a $39.00 price target in January. B. Riley Financial has a Buy rating with a $30.00 target, down from $47.00 in late February.

The analyst consensus is Buy, with an average 12-month price target of $34.50. This suggests about 63% upside from current prices.