BitMine rises after updating Ethereum treasury strategy

BitMine Immersion Technologies Inc. (NYSE: BMNR ) stock rose nearly 5% Tuesday after the company updated investors on its Ethereum (CRYPTO: ETH) treasury strategy.

Ethereum Holdings Reach 5.85 Million Tokens BitMine said its Ethereum holdings reached 5.85 million tokens.

Its crypto assets, cash, marketable securities and "moonshot" investments totaled $14.9 billion.

That figure included $308 million in cash and marketable securities.

BitMine held 5.07 million staked Ethereum tokens.

The company valued those tokens at $12.4 billion, based on an Ethereum price of $2,440.

BitMine said it had completed 97% of its "Alchemy of 5%" goal.

The strategy aims to acquire 5% of Ethereum’s circulating supply.

Ethereum has gained 30% over the past week, according to the company.

As a result, BitMine’s valuation remains closely tied to Ethereum prices and the scale of its staking operations.

The company also noted that it joined the Russell 1000 on June 26.

Its Series A preferred stock trades on the New York Stock Exchange under the ticker BMNP.

Technical Analysis BitMine traded 30.8% above its 20-day simple moving average of $19.22.

It also stood 48.1% above its 50-day SMA of $16.99.

In addition, the stock traded 10.1% above its 200-day SMA of $22.84.

That level often serves as a key indicator of the long-term trend.

The stock’s relative strength index stood at 78.95.

A reading above 70 signals overbought conditions.

Therefore, the rally may be vulnerable to a pullback or a period of consolidation.

Still, one long-term warning remains.

The 50-day SMA is below the 200-day SMA following a January death cross.

Moreover, BitMine shares remain down 49.25% over the past 12 months despite the recent rebound.

Key Support: Traders may watch $20 as an initial support level.

The area is also near the 20-day SMA and could attract buyers during a pullback.

Top ETF Exposure BitMine has notable weightings in several cryptocurrency-focused ETFs: Corgi Crypto Infrastructure ETF (NASDAQ: BLCK ): 4.52% Bitwise Crypto Industry Innovators ETF (NYSE: BITQ ): 5.52% Global X Blockchain ETF (NASDAQ: BKCH ): 7.99% Because of those weightings, fund inflows or outflows could trigger additional buying or selling of BMNR shares.

BMNR Price Action BitMine shares were up 4.57% at $25.24 at the time of publication Tuesday, according to Pro.

Photo via Shutterstock Read Also: Nvidia Q2 Preview: SpaceX Is Becoming the 'Fifth Horseman,' Gene Munster Says