BitMine Stock Jumps As Ethereum Rebounds

Benzinga02-25 20:32

Bitmine Immersion Technologies Inc (NYSEAMERICAN: BMNR) jumped in premarket trading Wednesday, as Ethereum (CRYPTO: ETH) staged a recovery.Ethereum’s bounce comes after a brutal stretch that saw the ...

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Crypto trader Don Wedge had flagged the setup, noting that ETH was sitting at a major support zone with two likely paths — either a bounce from current levels, or a sweep of key support before reversing higher.BitMine’s Massive AccumulationBitMine has been aggressively building its Ethereum treasury through the downturn. The company acquired 51,162 ETH for $98 million last week, lifting total holdings to approximately 4.4 million ETH — roughly 3.66% of circulating supply — as of Monday. Chairman Tom Lee defended the accumulation strategy amid what he called the “mini crypto winter,” arguing the price does not reflect Ethereum’s utility. Lee pointed to three fundamental drivers: Wall Street tokenization, AI agents using smart blockchains, and the creator economy using blockchains for verification. TButerin’s SalesThe buying stands in contrast to moves by Ethereum co-founder Vitalik Buterin, who sold 3,788.57 ETH worth approximately $7.3 million over three days, per on-chain data shared by Lookonchain.Technical AnalysisOver the past year, BitMine’s stock has surged by 273.85%, despite currently trading 42.7% below both the 100-day and 200-day simple moving averages (SMAs), which are set at $35.17 and $35.16 respectively. This indicates a significant retracement from its 52-week high of $161.00, aligning closer to its 52-week low of $3.92.Price ActionBitMine Immersion shares were up 3.40% at $20.10 during premarket trading on Wednesday, according to Benzinga Pro data.Photo: PJ McDonnell / ShutterstockThis content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Market News and Data brought to you by Benzinga APIs© 2026 Benzinga.com. Benzinga does not provide investment advice. 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