TLDR
- BitMine (BMNR) stock rose ~8% on Friday, trading at $25.77 at time of publication
- The move was driven by a strong rebound in Ethereum, up 4.62% to around $2,558
- Options traders piled into short-dated calls above $25, with implied volatility jumping
- Eightco Holdings, backed by BitMine, disclosed ~$380 million in total assets including a $90 million indirect OpenAI investment
- BMNR trades above its 20-day, 50-day, 100-day, and 200-day moving averages, though a January death cross still lingers in the longer-term picture
BitMine Immersion Technologies (BMNR) is having a strong Friday, up around 8% to $25.77, while the broader market sits in the red. The S&P 500 is down 0.44% and the Nasdaq is roughly flat.
Bitmine Immersion Technologies, Inc., BMNR
The main driver is Ethereum. ETH climbed 4.62% over the past 24 hours to around $2,558, giving a direct lift to BitMine, whose business and balance sheet are closely tied to the crypto asset.
That connection matters. BitMine holds a large stash of Ethereum that is already earning staking rewards, giving the company a passive income stream alongside its mining operations.
Eightco Holdings, which is backed by BitMine, also dropped a disclosure on Thursday that caught some attention. The company reported total assets of roughly $380 million.
That included a $90 million indirect investment in OpenAI, an $18 million stake in Beast Industries, a $1 million position in Mythical Games, and over 301 million Worldcoin tokens valued at 37 cents each.
Eightco also holds 16,278 Ethereum and roughly $120 million in cash and stablecoins. On top of that, the company bought back more than 26 million common stock this quarter.
Options Activity Adds Fuel
The stock’s move got an extra push from the options market. Traders piled into short-dated call options, specifically September calls with strike prices above $25. Implied volatility jumped alongside the activity.
That kind of options frenzy tends to pull in momentum traders looking to ride the wave. No formal price targets were issued, but the derivatives market is effectively pricing in further upside in the near term.
Where the Stock Stands Technically
BMNR is now trading above all its major moving averages. It sits above the 20-day SMA at $24.46, the 50-day at $20.28, the 100-day at $19.13, and the 200-day at $22.08.
The short-term picture is improving. The 20-day SMA is above the 50-day, which is a bullish signal. But the 50-day is still below the 200-day, a legacy of the death cross that formed back in January.
Key resistance sits around $27, a round-number level where momentum could stall. Support is near $23, which is close to the 20-day EMA at $23.64.
BitMine also carries weight in several crypto ETFs. It holds a 9.97% allocation in the Global X Blockchain ETF (BKCH), 7.00% in the Bitwise Crypto Industry Innovators ETF (BITQ), and 5.87% in the Corgi Crypto Infrastructure ETF (BLCK). Big ETF flows in or out could add extra pressure to the stock.
Worth noting: BitMine is still burning cash and posting losses. That is a risk that does not go away in a bull day. The company’s fortunes remain tightly linked to crypto prices, and any deep pullback in digital assets would hit hard.
BMNR’s year-to-date performance is down 12.01%, and the average daily trading volume sits at 39.15 million. Market cap stands at $13.76 billion.
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