BitMine Immersion Technologies Inc. ( BMNR ) shares rose 6.4% Monday after the company announced its Ethereum (CRYPTO: ETH) holdings reached 3.5 million tokens, valued at $13.2 billion in total crypto and cash assets.

BitMine Expands Ethereum Treasury to 2.9% of Supply

BitMine disclosed that it now owns 2.9% of the total ETH supply, surpassing the halfway mark toward its long-stated goal of accumulating 5%. 

The company's crypto holdings include 3,505,723 ETH valued at $3,639 per token, alongside 192 Bitcoin and $398 million in cash reserves.

Chairman Thomas "Tom" Lee said the company added over 110,000 ETH in the past week, which is a 34% increase from the prior week — after using recent market weakness to expand positions. 

"We are now more than halfway toward the ‘alchemy of 5%' goal," Lee said.

Leading Ethereum Treasury and Rising Institutional Support

BitMine remains the world's largest Ethereum treasury and second-largest overall crypto holder, behind Strategy Inc. ( MSTR ) , which holds more than 641,000 Bitcoin (CRYPTO: BTC) valued near $67 billion.

The company is backed by investors including ARK Invest's Cathie Wood, Founders Fund, Pantera, and Galaxy Digital. 

It is also one of the most actively traded U.S. equities, averaging $1.6 billion in daily trading volume — ranking 48th nationwide.

Lee emphasized Ethereum's expanding role in asset tokenization and said institutional interest is accelerating as Wall Street explores blockchain infrastructure. 

"Ethereum is a super-cycle story over the next decade," he noted.

BMNR Technical Setup Turns Constructive

BMNR Price Action (Source: TradingView)

The stock is stabilizing after a sharp pullback into the mid-$40 range. 

The daily chart shows price rebounding from support near $34–$35, which aligns with the 200-day EMA. 

If the stock maintains closes above $42, the next resistance sits at $46–$48, overlapping with the 20- and 50-day EMAs. 

A sustained breakout above that range could target the $60–$70 zone — an area that capped rallies since August. 

A close below $34 would invalidate the recovery and expose the $30 floor.

BMNR Short-Term Price Dynamics (Source: TradingView)

The lower-timeframe chart shows a clean break from a descending channel, followed by a sharp reclaim of the session VWAP. 

BMNR price is now consolidating just above VWAP, signaling that buyers are willing to hold control.

RSI on the 30-minute timeframe sits in bullish territory, reflecting momentum returning after weeks of steady selling pressure.

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