BitMine Immersion Forms Golden Cross as Ethereum Buying Nears Inflection Point
BitMine Immersion (NASDAQ:BMNR) has recently pulled back from its September highs, currently trading at $26.27 after peaking at $28.76.
The stock has formed a golden cross pattern, where the 50-day moving average jumped above the 200-day average on September 28.
This technical indicator often signals further gains over time.
Additionally, BitMine Immersion's Ethereum buying spree is nearing an inflection point as it approaches the 5% milestone of total ETH tokens in circulation.
The company has already reached a significant milestone by crossing 6 million ETH tokens last week, now holding approximately 4.8% of all circulating ETH tokens.
Its Ethereum holdings are valued at over $16 billion, slightly higher than its market capitalization of $15.8 billion.
Tom Lee's accumulation vehicle is expected to stop diluting shareholders once it completes the buying process, which will also enable the company to maximize its Ethereum staking revenue.