Why Did BitMine Immersion Surge on Thursday? Ethereum Holdings Approach 5% Global Target

Bitmine Immersion Technologies Inc shares surged on Thursday after the company updated its Ethereum treasury strategy, with its holdings approaching 5% of the total global Ethereum supply.

The Nasdaq rose 0.84%, the S&P 500 gained 0.44%, and the tech sector led with a 2.28% advance.

• BitMine Immersion shares are moving higher. What's behind the BMNR rally?

Treasury Update

According to Tom Lee on the Bankless podcast, Bitmine Immersion holds approximately 5.82 million Ethereum. This position brings the company to about 97% of its 5% global supply target. The company needs to acquire approximately $350 million more in Ethereum to reach its goal, which Lee predicts will be achieved by year-end or sooner.

Long-Term Outlook

Lee noted that Bitmine may consider holding a larger share of Ethereum supply by 2027, especially if enterprises increasingly adopt Ethereum as a treasury asset and utilize its network. For now, the company remains focused on its initial target while avoiding disruption to ecosystem stability.

Future Catalysts

Lee highlighted that tokenization of financial assets represents a significant opportunity, identifying Ethereum and Solana as key platforms. He added that machine-to-machine AI transactions will benefit blockchain settlement. Lee stated that simply entering a crypto bull market cycle could push Ethereum above $5,000, adding: "I think Ethereum easily exceeds $10,000 in that time frame."

Technical Analysis

From a trend perspective, BitMine shares have extended above their key moving averages, a situation typically seen when momentum traders are in control. The stock sits 30.6% above its 20-day simple moving average and 50.9% above its 50-day simple moving average. It also trades 15.2% above its 200-day simple moving average, indicating that while the long-term backdrop is still repairing, the medium-term trend has turned upward.

A broader cautionary signal: the 50-day simple moving average remains below the 200-day simple moving average, which could pose overhead resistance during rallies. In other words, the near-term trend is strong, but the past 12 months remind traders this remains a recovery attempt within a broader volatile structure.

Key resistance level: $30.50

Key support level: $24.50

BMNR Price Action: At the time of writing Thursday, BitMine Immersion shares were up 6.63% at $26.554.