BitMine Jumps 5% As Ethereum Treasury Surges Past 2.65 Million ETH

Core Insights - BitMine Immersion Technologies Inc. (BMNR) has established itself as the world's largest Ethereum treasury, holding over 2.65 million ETH valued at approximately $4,141 per token, contributing to total crypto and cash holdings of $11.6 billion [1][2]. Group 1: Company Holdings and Position - The company controls more than 2% of the total Ethereum supply, ranking as the No. 1 ETH treasury globally and the No. 2 overall crypto treasury, following Strategy Inc. which holds around 640,000 BTC [2][3]. - Total holdings include 192 Bitcoin, $436 million in cash, and $157 million in equity investments, such as Eightco Holdings [2]. Group 2: Market Performance and Support - BMNR is trading around $53, up over 5% intraday, with an average daily trading volume of $2.6 billion, making it the 26th most traded stock in the U.S. [1][4]. - The company has backing from notable investors including ARK's Cathie Wood, Founders Fund, Bill Miller III, Pantera, and Galaxy Digital [4]. Group 3: Strategic Vision - The chairman of BitMine, Thomas Lee, emphasized that Ethereum is the primary treasury asset due to its reliability and significance in AI and financial markets, with a long-term goal of acquiring 5% of the ETH supply [5]. - The accumulation of Ethereum by BitMine is seen as a shift from trading flows to structural ownership, effectively institutionalizing a portion of the asset [10]. Group 4: Technical Analysis - BMNR stock is currently compressing within a symmetrical triangle pattern, with key support levels at the 20-day EMA of $51.85 and the 50-day EMA of $47.06 [7]. - A breakout above $56 could lead to momentum towards $65–70, while a drop below $52 may expose lower levels at $47 and potentially $38 [7][8].