BitMine Immersion Technologies Inc. (BMNR) shares climbed 8.98% to $39.07 on Tuesday, riding a wave of optimism sweeping through crypto-related stocks as Bitcoin traders position themselves ahead of the Federal Reserve's policy announcement.
What's Driving the Rally
Bitcoin is surging as the Federal Open Market Committee wraps up its two-day meeting, with a rate decision expected Wednesday at 2:00 p.m. ET. After watching Bitcoin drop nearly 30% since October, investors are hoping Fed Chair Jerome Powell can provide some market stability.
The betting is decidedly dovish. The CME FedWatch tool shows nearly a 90% probability of a 25-basis-point cut, and consensus expects Powell to signal three additional reductions throughout 2026. Economists are largely aligned on this outlook, anticipating the quarter-point cut as a done deal.
Despite the recent volatility, Wall Street analysts remain bullish on Bitcoin's long-term trajectory. Bernstein projects the cryptocurrency could climb to $150,000 by the end of next year and approach $200,000 by late 2027, according to Bloomberg. Standard Chartered also sees Bitcoin reaching $150,000 by the end of 2026, though that's down from the firm's earlier $300,000 forecast.
BitMine's Ethereum Bet
BitMine recently announced it now controls more than 3.2% of the total Ethereum token supply, inching closer to its ambitious goal of owning 5% of all ETH. The company's combined holdings are substantial: $13.2 billion across 3.86 million ETH, $1 billion in cash, and various other crypto investments.
As of December 7 at 4:00 p.m. ET, BitMine's portfolio included 3,864,951 ETH valued at $3,139 each, 193 Bitcoin, a $36 million stake in Eightco Holdings, and $1 billion in cash.
"In the past week, BitMine acquired 138,452 ETH tokens. This is a meaningful increase of 156% compared to the 54,156 weekly pace of 4 weeks ago," said Thomas Lee of Fundstrat, chairman of BitMine. "Our stepped up buying activity reflects our confidence that ETH prices should strengthen in the months ahead given multiple catalysts."
BitMine stands out among crypto treasury companies for both the velocity of raising crypto net asset value per share and the trading liquidity of BMNR stock. The company ranks as the 37th most traded stock in the U.S., with an average daily trading volume of $1.8 billion based on a five-day average.
