Key Highlights
- BMNR stock jumped about 13% to $17.92 as Bitmine continued expanding its Ethereum holdings.
- Bitmine now holds 5.79 million ETH, representing about 4.8% of Ethereum’s total supply and moving closer to its 5% target.
- Ethereum’s 4% price recovery and Bitmine’s 6.1 million share buyback also supported the stock’s rise.
Bitmine Immersion Technologies (NYSE: BMNR), an Ethereum-focused treasury firm, saw its stock rise about 13% during early trading on Monday as investors reacted to the company’s latest Ethereum purchase.
The stock spiked from a daily low below $16.60 to nearly reaching $18 before settling. At the time of writing, BMNR was trading at $17.92, with a market cap of around $11.34 billion and an average volume worth $36.30 million.
What is driving the stock higher?
In a release on Monday, Bitmine announced that it bought another 9,946 ETH last week, taking its total holdings to 5,787,414 ETH. That amount now represents about 4.8% of Ethereum’s total supply, bringing Bitmine very close to its target of holding 5% of all ETH.
Another reason is that Bitmine has been buying Ethereum every week since the start of the year. Its latest purchase was also larger than the 7,430 ETH it bought the previous week. The steady buying has helped the company build one of the largest corporate Ethereum treasuries in the world.
According to its release, it confirmed that its holdings have now reached $11.8 billion. This includes its Ethereum holdings, other cryptocurrencies, cash, marketable securities, and investments in other companies.
Bitmine’s Ethereum strategy began on June 30, 2025, and the company has continued to grow its ETH holdings since then.
The company refers to its strategy as the “Alchemy of 5%,” to own 5% of Ethereum’s total supply. With its holdings now at 4.8%, Bitmine said it has reached about 96% of that target after 13 months of acquisitions.
Bitmine expands share buyback program
The company is not only buying ETH. It is also buying back its own shares. Bitmine repurchased 6.1 million shares last week, up from the 5.5 million shares it bought the previous week. The purchases are part of its $4 billion share repurchase program. Since July 1, the company has bought back 11.6 million shares.
Bitmine Chairman Tom Lee said the company increased its equity buyback based on its view that the rising ETH/BTC ratio points to stronger crypto prices. The ratio recently reached a three-month high of 0.3000. “In fact, this ratio is now at a 3-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices,” Lee said.
Ethereum recovery adds support
Aside from that, Ethereum itself is showing signs of recovery. According to CoinMarketCap, the asset is up 4% today and now trades for $1,960. This is a surge from an intraday low below $1,850.
This surge was driven by momentum from traders, with activity reaching around 200% over the last 24 hours to $11.70 billion, pushing its market cap to $236.73 billion. In short, Bitmine’s large exposure to Ethereum means its stock often moves alongside the cryptocurrency.
Also Read: Ethereum’s Outperformance: ETH Price Jumps 4% After Dodging Multi-Year Breakdown Risk
