BitMine Immersion surges on Ethereum treasury update

Bitmine Immersion Technologies Inc (NYSE: BMNR ) stock is surging on Thursday following updates regarding its Ethereum (CRYPTO: ETH) treasury strategy.

The move comes after it disclosed its portfolio and nears its goal of acquiring 5% of the global circulating Ethereum supply.

The Nasdaq is up 0.84% while the S&P 500 has gained 0.44% and Technology is leading with a 2.28% gain. • BitMine Immersion shares are powering higher.

What’s behind BMNR gains? Treasury Progress According to Tom Lee on the Bankless podcast on Monday, Bitmine Immersion holds about 5.82 million Ethereum.

The holding puts the company roughly 97% of the way toward its 5% global supply target.

The firm needs to acquire approximately $350 million in Ethereum to reach the goal, which Lee predicts will happen by the end of the year or sooner.

Read Also: Nvidia’s AI Boom Hits Its First Margin Wall: Memory Prices Long-Term Outlook Bitmine could reconsider owning a larger share of Ethereum’s supply in 2027, particularly if enterprises increasingly hold Ethereum as an asset alongside using the network, Lee pointed out.

For now, the company remains focused on its original target without destabilizing the ecosystem.

Catalysts Ahead Lee noted tokenization represents a large opportunity as financial assets move on-chain, identifying Ethereum and Solana (CRYPTO: SOL) as key platforms.

He added that machine-to-machine AI transactions will favor blockchain settlements.

Lee stated that simply entering a crypto bull cycle could push Ethereum above $5,000, adding: “I think Ethereum could easily be over $10,000 in that time frame.” Technical Analysis From a trend perspective, Bitmine is extended above its key moving averages, which is usually what you see when momentum traders are in control: it’s trading 30.6% above the 20-day SMA ($20.02) and 50.9% above the 50-day SMA ($17.33).

It’s also 15.2% above the 200-day SMA ($22.70), signaling the intermediate trend has flipped up even though the longer-term backdrop is still repairing.

The bigger-picture caution is that the 50-day SMA remains below the 200-day SMA (a Death Cross that occurred in January), which can act like overhead friction during rallies.

In other words, the near-term trend is strong, but the 12-month performance (down 43.15%) reminds traders this is still a recovery attempt inside a choppier longer-term structure.

Key Resistance: $30.50 Key Support: $24.50 BMNR Stock Price Activity: BitMine Immersion shares were up 6.63% at $26.554 at the time of publication on Thursday, according to Pro data.

Read Also: Moderna Borrows $2 Billion To Expand Oncology Business Photo: PJ McDonnell / Shutterstock