Bitmine Immersion Technologies Inc. (BMNR) had a strong Friday, riding the wave of rising Ethereum (ETH) prices and a fresh round of institutional accumulation. The latest big-name buyer? Charles Schwab (SCHW), which just disclosed a hefty position increase.

Ethereum was trading at $2,029.96, up 4.24% over 24 hours and 2.36% over the past week. The crypto's market cap sits at $245 billion with trading volume hitting $21.9 billion, providing a supportive backdrop for crypto-related equities.

Schwab Joins the Buying Spree

Charles Schwab disclosed in its 13F-HR filing Wednesday that it bumped up its Bitmine holdings from 1,712,780 shares to 2,732,761 shares. That's a 59.55% increase in its position, showing meaningful conviction in the crypto-mining infrastructure play.

The timing is notable. Schwab's move follows BlackRock Inc.'s (BLK) massive 165.6% stake increase disclosed earlier, which brought BlackRock's holdings from 3.4 million shares to 9 million shares valued at $245.7 million as of December 31. And Cathie Wood's Ark Invest wasn't sitting idle either, purchasing 212,314 BMNR shares worth $4.2 million across three ETFs on Thursday.

What the Charts Say

The technical picture is a bit messy. BitMine is currently trading 16.1% below its 20-day simple moving average and 44% below its 100-day SMA, suggesting the stock is struggling to maintain upward momentum in the short and medium term.

The longer view looks better though. Shares have climbed 197.35% over the past 12 months and are sitting closer to their 52-week highs than lows, indicating solid long-term trend strength despite recent pullbacks.

The RSI sits at 35.72, which is considered neutral territory, while the MACD is below its signal line, indicating bearish pressure. That combination suggests mixed momentum and uncertainty about the stock's immediate direction.

• Key Resistance: $24.50
• Key Support: $17.00

BMNR Price Action: BitMine Immersion shares were up 7.42% at $21.20 at the time of publication on Friday.