BitMine shares rise 14% as Ethereum gains traction

BitMine Immersion Technologies Inc (NYSE: BMNR ) stock traded higher on Thursday as digital asset markets gained traction, with Ethereum (CRYPTO: ETH) rising 3.51% to $2,475.86.

The Nasdaq is up 1.03% while the S&P 500 has gained 0.90%.

BitMine has accumulated more than $14 billion worth of ETH and targets 5% of Ethereum’s total supply.

The firm authorized up to $4 billion in stock buybacks and repurchased nearly 20 million shares when its stock traded below $15.

Speaking on the Milk Road Show on August 28, Fundstrat Global Advisors co-founder and head of research and BitMine Chairman Tom Lee called Ethereum “vastly undervalued,” stating its move to $2,500 was a “course correction.” Lee cited tokenization and AI agents as fundamental drivers, noting traditional rails were built for humans rather than instant micro-transactions.

Read Also: Fed’s Goolsbee Warns AI Data Center Boom Could Overheat US Economy — ‘The Bigger The Hype,’ The Bigger The Risk Long-Term Crypto Projections, Treasury Outlook Lee noted that if Bitcoin (CRYPTO: BTC) reaches $150,000 and the ETH/BTC ratio returns to 0.04, Ethereum would trade near $6,000.

Additionally, Robinhood Markets Inc (NASDAQ: HOOD ) CEO Vlad Tenev cited a potential “tokenization supercycle,” which Lee noted could expand the addressable market to $500 trillion across non-traditional financial assets.

On Wednesday, Bitcoin advocate Mike Alfred told Scott Melker on “The Wolf of All Streets” podcast that Bitcoin holding above $76,000 signals shifting market structures.

Alfred stated, “I could see Bitcoin at $300,000.

I could see Ethereum at $10,000 or more,” adding that ETH treasury player BitMine and Strive Inc (NASDAQ: ASST ) could outperform underlying digital assets during market expansions.

Technical Analysis BMNR is extended above its major moving averages, which is usually what you see when a rally is in control: it’s trading 19.4% above the 20-day SMA ($21.59) and 41.5% above the 50-day SMA ($18.21).

It’s also 15.3% above the 200-day SMA ($22.34), a sign the intermediate trend has improved even after a choppy year.

One caution for longer-term trend followers is that the stock is still working through damage from earlier in the year, with the 50-day SMA below the 200-day SMA (a "death cross" that occurred in January).

That said, the 20-day SMA above the 50-day SMA is a shorter-term bullish alignment that often shows up early in a trend repair.

Key Resistance: $27 Key Support: $24.50 BMNR Stock Price Activity: BitMine Immersion shares were up 14% at $26.27 at the time of publication on Thursday, according to Pro data.

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