TLDR
- BMNR stock is up 30% this week after rebounding from the $40 level.
- Bitmine now holds over 2 million ETH worth nearly $10 billion in reserves.
- Cathie Wood’s Ark Invest added 101,950 BMNR shares worth $4.3 million.
- Analysts forecast BMNR could reach $110 if Ethereum prices remain strong.
Bitmine Technologies (NASDAQ: BMNR) stock jumped 15% on Friday, September 12, following renewed investor support for its Ethereum treasury plan led by Tom Lee. The strong movement capped a week of gains that pushed the stock up over 30% from its recent lows.
BMNR’s stock rally follows a sharp increase in the company’s Ethereum reserves, which have now crossed 2 million ETH. This growth in holdings has added to investor confidence, pushing the stock price above the $55 mark.
Bitmine Rebounds as ETH Holdings Top 2 Million
Bitmine Technologies has expanded its Ethereum reserves to more than 2 million ETH, boosting investor sentiment and stock performance. This accumulation marks a key milestone in the company’s ETH-focused treasury plan launched earlier this year.
The stock had been trading near $40 last week before rebounding sharply in recent sessions. BMNR’s 30% weekly gain marks a clear recovery from the August correction. Analysts note that the company’s share price is now trading above $55, showing strong demand despite the stock’s net asset value (NAV) of $38.
The company’s stock performance remains closely tied to Ethereum’s market price, which is currently trading near $4,650. As ETH continues to trade at elevated levels, interest in BMNR and other Ethereum-linked equities has increased.
Tom Lee’s Strategy Gains Broad Support
Tom Lee’s ETH treasury strategy has received strong backing from investors. Since the plan’s announcement in June, BMNR stock has multiplied 12 times. The approach centers on building one of the largest ETH treasuries among public firms.
According to data from the Strategic ETH Reserve, the ETH treasury currently holds assets worth nearly $10 billion. This positions Bitmine ahead of SharpLink Gaming (NASDAQ: SBET), which holds around 837,000 ETH.
Institutional support has also played a role in BMNR’s recent momentum. Cathie Wood’s Ark Invest added 101,950 shares worth $4.3 million across multiple funds. This move signals growing trust in the firm’s long-term Ethereum strategy.
Analyst Forecasts Suggest More Upside Ahead
Analysts tracking the stock expect further growth if current trends continue. Market analyst Mike Investing noted that BMNR could enter a multi-week rally. His analysis points to a potential price target of $110, more than double its current level.
Other investors have echoed a similar sentiment. Amit, a market participant, stated that many attendees at the recent $HOOD summit were invested in BMNR. He noted that the stock trades at a 1.5x multiple to its modified NAV, which he sees as a reflection of growing confidence in the treasury plan.
This forecast aligns with a broader rally in Ethereum-related equities and tokenization-driven stocks. As the ETH market holds its ground, BMNR may continue to benefit from strong investor attention.
Broader Market Activity Adds to Momentum
BMNR’s recent price surge also follows the successful listing of Gemini’s GEMI stock on NASDAQ. GEMI gained 15% on its first day, boosting sentiment across related sectors. The listing brought additional attention to cryptocurrency-linked equities, including Bitmine Technologies.
With growing ETH reserves, strong community backing, and institutional buying activity, BMNR continues to trade actively. The current rally may continue as long as Ethereum prices hold steady and investor interest remains strong.
