BitMine Stock Nears Golden Cross as Ethereum Holdings Approach 5% Target

BitMine's stock price is nearing a golden cross pattern, a bullish indicator that suggests further gains are on the horizon. This comes as the company approaches its goal of owning 5% of Ethereum's total supply, with its current holdings standing at around 4.9%. The company has been steadily acquiring ETH tokens through dollar-cost averaging over the past 15 months.

The stock price has broken above $26.90 and formed a bullish flag pattern, which is characterized by a vertical line followed by a horizontal channel. This indicates that the bulls are in control and the stock will likely continue rising as it targets the crucial resistance level of $34.31, its highest level in January this year.

Tom Lee, a prominent figure in the crypto space, stated that institutions are still underweight crypto and expect them to be adding to their exposure in the final months of 2026. This could provide further support for BitMine's stock price as it continues to accumulate Ethereum tokens.