BMNR Stock Rebounds 30% Off Support, As Bitmine Ethereum Treasury Reaches $9.25B
BitMine Immersion Technologies (NASDAQ: BMNR) staged a strong recovery this week, breaking past $55 and logging a 31% gain as both Ethereum
Quick overview
- BitMine Immersion Technologies (BMNR) experienced a significant recovery this week, gaining 31% and surpassing $55 due to Ethereum's rebound and its accumulation strategy.
- The stock faced heavy selling pressure in August, dropping to around $40, but buyers regained control as it reclaimed its 50-day simple moving average.
- Under Fundstrat's Tom Lee, BitMine expanded its Ethereum holdings to 2.13 million ETH, making it the second-largest public crypto treasury.
- With key support levels at $40 and $30, BMNR is positioned for potential further gains if bullish momentum continues.
BitMine Immersion Technologies (NASDAQ: BMNR) staged a strong recovery this week, breaking past $55 and logging a 31% gain as both Ethereum’s rebound and its aggressive accumulation strategy restored investor confidence.
Ethereum Correlation and Market Pressure
Throughout most of August, BitMine stock faced heavy selling pressure, sliding toward $40 and marking its lowest level in over a month. The decline coincided with weakness in broader crypto markets and Ethereum’s struggles, leaving BMNR trading below its 50-day simple moving average.
BMNR Chart Daily – The 50 SMA Has Been Broken
Despite this, sellers failed to push the stock beneath $40, and buyers regained control. Aided by Ethereum’s nearly 10% weekly rise and a record-setting rally in U.S. equities, BMNR surged past $50, reclaiming its 50-day SMA as support and reestablishing momentum.
Strategic Ethereum Accumulation
Under the leadership of Fundstrat’s Tom Lee, BitMine continued expanding its Ethereum holdings during the downturn. The company now controls 2.13 million ETH, valued at roughly $9.25 billion, making it the second-largest public crypto treasury worldwide, behind only MicroStrategy’s Bitcoin stash.
BitMine also set aside $635 million in cash for future acquisitions and reiterated its goal of eventually owning 5% of Ethereum’s circulating supply. This bold move underscores management’s conviction in Ethereum’s long-term role as a core balance sheet asset.
Stock Volatility and Technical Outlook
BMNR has been one of the most volatile names of the summer. After rocketing from below $5 in July to $161, the stock collapsed back under $30. A brief August rebound toward $70 gave way to renewed selling, though the 20-week SMA held firm as support.
BMNR Chart Weekly – The 20 SMA Held S Support Again
This week’s recovery saw BMNR gain more than 30% to close above $55, suggesting that buyers are regaining control. Key support now rests at $40 and $30, while a decisive break higher could open the way for retests of $70 and $100.
Outlook: With Ethereum stabilizing and BitMine maintaining an aggressive accumulation strategy, the stock is positioned for further upside if bullish momentum persists.
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