Bitmine Stock Pops 13% as ETH Treasury Bet Pays Off on Wall Street

Bitmine Immersion Technologies (BMNR) shares popped 13% Monday after a fresh treasury update. It was the best-performing stock of the day on Wall Street. The Ethereum (ETH) firm’s $11.8 billion in crypto, cash, and equity stakes reassured Wall Street investors.

The company now holds 5.79 million ETH tokens, equal to 4.8% of Ethereum’s 120.7 million circulating supply. That puts Bitmine very close to its 5% accumulation target it set 13 months ago.

BitMine Buybacks Signal Confidence Bitmine repurchased 6.1 million shares last week, up from 5.5 million the week before. That brought total repurchases to 11.6 million shares since July 1, under a $4 billion buyback program.

Bitmine unveiled that program at its April NYSE main-board debut. BitMine’s stock was the best-performing in the US on Monday. Image Source: TradingView Chairman Tom Lee framed the accumulation as a long-term commitment rather than opportunistic trading.