What's Going On With The Jump In BitMine Immersion Stock?

BitMine Immersion Technologies Inc (NYSE:BMNR) shares are trading higher Monday. The company announced that it now owns more than 3.2% of the total Ethereum supply, marking two-thirds progress toward its “Alchemy of 5%” goal.

BitMine Immersion shares are powering higher. Why is BMNR stock up today?

What To Know: BitMine reported that its combined crypto, cash and "moonshot" investments have reached $13.2 billion. As of Dec. 7, the company's holdings included 3,864,951 ETH, 193 Bitcoin, a $36 million stake in Eightco Holdings Inc (NASDAQ:ORBS) and $1 billion in cash.

“Our stepped up buying activity reflects our confidence that ETH prices should strengthen in the months ahead given multiple catalysts,” said Thomas Lee of Fundstrat, chairman of BitMine. “The Fusaka upgrade … activated on Dec. 3rd, delivers an array of improvements in scalability, enhanced security and usability.”

Lee also highlighted other tailwinds: the Federal Reserve ending quantitative tightening (QT), a potential interest rate cut on Dec. 10 and the market's recovery more than eight weeks after the Oct. 10 liquidation shock.

In its December chairman's message, titled "The Crypto Supercycle is Intact," BitMine laid out why 2026 could be a breakout year for crypto. "The best years are ahead for crypto given the substantial upside to current adoption rates for crypto and given the coming transformation as Wall Street tokenizes everything onto the blockchain.”

With these holdings, BitMine stands as the world's largest Ethereum treasury and the second‑largest crypto treasury overall, trailing only Strategy Inc (NASDAQ:STRF), which owns 650,000 BTC worth $59 billion.

BMNR Price Action: BitMine shares are making waves on Monday, trading up 5.2% at $35.84 at the time of publication, according to Benzinga Pro. The stock is still 78.1% below its 52-week high and is sitting 19.9% below its 50-day moving average.

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