Ethereum ETH/USD and BitMine Immersion Technologies Inc. BMNR are moving in lockstep, with ETH reclaiming $4,700 and BitMine stock rising more than 9% on the back of its massive $13.4 billion crypto treasury.
Ethereum Price Breakout Clears $4,600 With $5,000 Now In Sight
ETH Key Technical Levels (Source: TradingView)
Ethereum has broken above the triangle structure that capped price since August, with buyers lifting the token through $4,600 resistance.
Trading volume and on-balance flows confirm renewed inflows, while moving averages stacked above $4,300 provide a strong base.
The breakout puts $5,000 back in focus, with potential extension toward $5,200 if momentum continues.
Analysts note that defending $4,500–$4,600 is essential for sustaining the move.
BitMine Stock Jumps On ETH Bet
BMNR Technical Analysis (Source: TradingView)
BitMine Immersion, the largest corporate Ethereum holder, advanced more than 9% to trade above $62, breaking through its descending trendline and testing the top of a cup-and-handle structure.
The company disclosed holdings of 2.83 million ETH worth $12.8 billion as reported on Oct. 5, alongside $456 million in cash and $113 million in equity stakes.
Its balance sheet exposure makes BMNR a direct proxy for Ethereum's price.
Treasury Scale And Market Impact
BitMine ranks as the world's largest Ethereum treasury and the second-largest crypto treasury overall, behind Strategy Inc. MSTR.
Chairman Thomas "Tom" Lee said the company's goal is to reach ownership of 5% of total ETH supply, calling it part of the "two supercycle narratives" of artificial intelligence and cryptocurrency.
Lee told investors that Ethereum's role as the base layer for Wall Street adoption and blockchain AI integration will be "one of the biggest macro trades over the next 10 to 15 years."
Why It Matters
The rise of BitMine as Ethereum's largest corporate holder marks a turning point in how equity markets price crypto exposure.
Unlike Bitcoin, where ETFs dominate headlines, Ethereum's corporate treasuries are quietly shaping a parallel playbook.
BitMine's ambition to own 5% of ETH supply would make it larger than most sovereign reserves and rival traditional commodity stockpiles.
The company's dual framing of Ethereum as both financial plumbing for Wall Street and infrastructure for AI creates a rare macro crossover.
This positions ETH not just as a cryptocurrency, but as the backbone of two of the century's biggest investment themes.
If ETH sustains above $4,600, BMNR's chart projects a retest of $70 and potentially a move toward $130, tying equity upside directly to Ethereum's trajectory.
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