BitMine (BMNR) Stock Jumps as Company Deepens Its Ethereum Strategy

article image source: somoshermanos.mx (Link)

BitMine (BMNR) Stock Jumps as Company Deepens Its Ethereum Strategy

BitMine Immersion Technologies (BMNR) has taken another bold step in expanding its position in the Ethereum ecosystem, fueling fresh attention from investors and crypto observers. The company’s latest move—adding 14,618 ETH to its treasury—has amplified discussions around its long-term accumulation strategy and its impact on BMNR stock performance.

A Growing Ethereum Treasury

On November 28, BitMine purchased 14,618 ETH valued at approximately $44.34 million, sourced from a BitGo hot wallet. With this acquisition, the company’s total Ethereum holdings now stand at 3.63 million coins, equal to roughly 3% of the entire ETH supply.

Leadership under Tom Lee continues to push toward a notable target: BitMine aims to eventually hold 5% of all Ethereum, or nearly 6 million ETH. If achieved, this would position the firm as one of the most influential corporate ETH holders globally.

Some reports highlight additional context around the company’s activity. Research from Arkham Intelligence cited in one source suggests BitMine’s weekly Ethereum purchases reached $185.6 million, indicating an aggressive accumulation pace during the same timeframe. Retail sentiment around the company’s digital asset treasury remained extremely bullish, according to Stocktwits data.

Market Reaction: BMNR Stock Moves, ETH Stays Flat

Following the latest purchase announcement, BMNR stock surged 9.79% to $31.74, with an additional 3.65% increase in after-hours trading. Another report noted the stock gained over 8% in midday trading as enthusiasm grew among retail investors.

Institutional interest has also expanded rapidly—share ownership jumped from 10 million to 100 million shares in just one month. Despite this surge, BMNR remains down about 37% for the month, a decline that aligns closely with both Ethereum’s performance and the broader crypto market pullback of roughly 22%.

Analysts often point out the strong correlation between BMNR and ETH prices. When Ethereum experiences weakness or stagnation, BMNR tends to mirror that trend.

Ethereum Price Reaction and Market Sentiment

Interestingly, despite substantial corporate buying, Ethereum’s price has remained relatively unmoved. Most sources indicate ETH continued trading near $3,000, fluctuating within a narrow daily range. One source noted that even with a slight 1.45% recovery, retail sentiment surrounding ETH itself stayed in bearish territory.

Several contributing factors explain Ethereum’s muted price action:

Outflows from spot ETH ETFs
Weak liquidity across exchanges
Cautious institutional behavior, even amid inflows into major ETFs like BlackRock’s and Fidelity’s
Market headwinds ahead of options expiry

However, some analysts suggest that if Ethereum closes the week above the $3,000 threshold, it could trigger buying momentum toward the $3,300–$3,400 price zone.

BitMine’s Strategy: Accumulating Through Weakness

Across perspectives, one narrative remains consistent: BitMine is intentionally building its Ethereum reserves during periods of low market confidence. With an enterprise value of $12.19 billion and crypto holdings totaling $11.2 billion, the company’s modified net asset value stands at 1.08, reinforcing the centrality of its ETH strategy to long-term positioning.

Some sources emphasize BitMine’s accumulating behavior as part of a broader trend. Corporations now hold over 5% of all Ethereum, hinting at strategic interest in staking, tokenization, and future institutional demand.

Sources

Thank you !