Bitmine (BMNR) Jumps 9.8% on Bitcoin, ETH Surge

Core Insights - Bitmine Immersion Technologies, Inc. (BMNR) experienced a significant stock price increase of 9.79% to $31.74, driven by overall market optimism and rising prices of Bitcoin and Ethereum [1][3] - Bitcoin and Ethereum prices rose by 3.20% and 2.06%, reaching $90,000 and $3,000 respectively, as investor sentiment improved due to expectations of a Federal Reserve rate cut [2][3] - The company achieved its target of owning 3% of Ethereum's total market supply by acquiring 69,822 ETH tokens, bringing its total holdings to approximately 3.63 million ETH tokens valued at $10.3 billion [3][4] Company Holdings - Bitmine holds 192 Bitcoins and has a $38 million stake in Eightco Holdings, which invests in Worldcoin [4] - The average purchase price for the company's Ethereum holdings is $2,840 per token [3] Market Context - The recent decline in cryptocurrency prices reflects impaired liquidity since October 10th, with Ethereum prices currently around the previously noted downside target of $2,500 [5] - The Chairman of Bitmine, Thomas Lee, indicated that the current market presents an asymmetric risk/reward scenario for Ethereum, with a downside of 5% to 7% and potential upside due to an upcoming supercycle [5]