So here's a classic crypto story: when Ethereum catches a bid, the stocks of companies that are basically big Ethereum holders tend to move too. That's what happened with BitMine Immersion Technologies Inc. (BMNR) on Wednesday, as shares jumped in premarket trading alongside a recovery in Ethereum (ETH).
Ethereum's bounce comes after what you might call a rough patch—the asset shed roughly 38% over the past month. Crypto trader Don Wedge had flagged the setup, noting that ETH was sitting at a major support zone with two likely paths: either a bounce from current levels, or a sweep of key support before reversing higher.
BitMine's Big Bet
While prices were falling, BitMine was buying. Aggressively. The company acquired 51,162 ETH for $98 million just last week, lifting its total holdings to approximately 4.4 million ETH as of Monday. That's roughly 3.66% of the circulating supply, which is... a lot.
Chairman Tom Lee defended this accumulation strategy amid what he called the "mini crypto winter," arguing the price doesn't reflect Ethereum's utility. He pointed to three fundamental drivers: Wall Street tokenization, AI agents using smart blockchains, and the creator economy using blockchains for verification. In other words, he's betting on the long-term story, not the short-term price action.
The Founder Sells, The Company Buys
This aggressive buying stands in pretty stark contrast to moves by Ethereum's own co-founder, Vitalik Buterin. According to on-chain data shared by Lookonchain, Buterin sold 3,788.57 ETH worth approximately $7.3 million over three days. It's not every day you see a company buying what the founder is selling, but in crypto, stranger things have happened.
Reading The Charts
The stock's technical picture tells a story of wild swings. Over the past year, BitMine's stock has surged by 273.85%. Yet, it's currently trading 42.7% below both its 100-day and 200-day simple moving averages, which are sitting at $35.17 and $35.16 respectively. This indicates a significant pullback from its 52-week high of $161.00, bringing it much closer to its 52-week low of $3.92. It's been a volatile ride.
Where Things Stand
As of the latest data, ETH traded at $1,923.02, up 5.53% over 24 hours. Bitcoin (BTC) traded at $65,410.16, up 3.51%. BitMine Immersion shares were up 3.40% at $20.10 during premarket trading on Wednesday.
