BitMine Immersion Technologies (NYSE American: BMNR) stunned Wall Street this week with a bold Ethereum-centric treasury strategy, sending its stock soaring over 3,000% in just a few days.
The rally began Monday when BitMine shares rocketed up to $33.90, then went crazy in after-hours trading to more than $50. By Thursday, BMNR hit an intraday high of $156 before settling near $135.
Even with profit-taking, the stock remained above $115—marking a weekly gain of over 3,200%. What caused this frenzy? BitMine announced a $250 million private placement to stack Ethereum (ETH) as part of its reserves.
The company also appointed crypto bull and Fundstrat strategist Tom Lee as Chairman. Lee declared the goal is to make BitMine the “MicroStrategy of Ethereum,” echoing Michael Saylor’s famous Bitcoin strategy.
Backing the move are crypto heavyweights Pantera Capital and Galaxy Digital, adding credibility to BitMine’s Ethereum bet. Traders and investors quickly piled in, betting on ETH’s growing role in DeFi, payments, and blockchain infrastructure.
Some are comparing the surge to a meme stock run, but others find long-term value. BitMine is working on the integration of Ethereum on the protocol level, which can open new settlement and payment solutions.
Trading cooled heading into the July 4 holiday, but all eyes remain on what’s next. Can the rally continue when markets reopen? For now, BitMine’s Ethereum gamble has grabbed the spotlight and may be a sign of how crypto is reshaping corporate balance sheets.
Also Read: SharpLink Adds $2 Million ETH, Stock Jumps 28% in 24 Hours
