Shares of BitMine Immersion Technologies Inc. BMNR advanced over 5% on Monday after its record Ethereum ETH/USD accumulation reignited bullish sentiment in crypto-linked equities.
BitMine Expands Ethereum Treasury to 3.31 Million Tokens
The company announced it now holds 3.31 million Ethereum valued near $13.8 billion.
It also holds $305 million in unencumbered cash and additional crypto assets, totaling $14.2 billion in combined value.
Chairman Thomas Lee confirmed the purchase of 77,055 ETH last week.
The move increased BitMine's ownership to 2.8% of Ethereum's supply as it advances toward its "alchemy of 5%" goal.
Lee called U.S.–China trade progress "positive for Ethereum and crypto broadly."
He said recent deleveraging created "an attractive risk-reward" opportunity for long-term investors.
Triangle Compression Builds Toward Breakout
BMNR Price Analysis (Source: TradingView)
BMNR's chart is nearing the apex of a multi-month symmetrical triangle that has been contracting since August.
Rising support lies just above $50, where the 20-day exponential moving average (EMA) at $52.66 is converging with short-term demand.
Overhead resistance sits near $57 to $58, a zone that has capped every rally in October.
A breakout above this ceiling would mark a decisive shift in momentum and could trigger a run toward the $70 supply band, which served as a ceiling through August and September.
Clearing that region would project a measured-move target around $130 to $135 — levels last seen during the early-summer spike.
Institutional Support and Market Context
BitMine remains the world's largest Ethereum treasury and the second-largest overall crypto treasury.
It trails only Strategy Inc., which owns about 640,000 Bitcoin BTC/USD.
Institutional backers include ARK Invest's Cathie Wood, Founders Fund, Pantera Capital, and Galaxy Digital.
Fundstrat data ranks BMNR No. 46 among U.S.-listed equities by average daily dollar volume.
The stock trades about $1.5 billion per day, just behind Goldman Sachs and ahead of Amphenol.
Lee expects easing trade tensions to lift trading activity across crypto equities.
He said BitMine and MSTR together account for 88% of global digital-asset-treasury trading volume.
Technical Outlook and Investor Implications
The Supertrend indicator flipped bullish at $47.64, confirming a positive bias as long as price holds above the $47 to $50 zone.
A high-volume breakout through $58 to $60 would complete the triangle and validate the next leg higher.
Failure to defend support could turn the setup into a false-break scenario, exposing lower levels at $43.40 and $33.
For now, bulls maintain control, and market structure favors continuation if volume expands alongside Ethereum's broader rebound.
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