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

BitMine stock is trading near its golden cross pattern, a bullish indicator that could signal further gains for the company. The stock has been on an upward trend since June, coinciding with Ethereum's rebound from $1,500 to its current price of $2,695.

The daily chart shows that BitMine stock bottomed at $12.95 in June and then started a slow but steady rise. It recently broke above the crucial resistance level of $26.90, its highest level on August 27 this year. The stock is now forming a bullish flag pattern and is about to make a golden cross, which occurs when the 50-day and 200-day Exponential Moving Averages (EMA) cross each other.

This is the first time BitMine has made this pattern since July last year. The stock's price has jumped above its year-to-date low of $12.80 and is trading at $27.82, a significant increase.

BitMine's Ethereum holdings are nearing 5% of the total supply, with the company owning over 6 million coins. Tom Lee said that institutions are still underweight crypto and expect them to add to their exposure in the final months of 2026. The company has spent 15 months acquiring ETH tokens through dollar-cost averaging (DCA), which has resulted in an annualized staking revenue of $358 million with 5.1 million tokens being staked.

BitMine is also undervalued based on its sum-of-parts approach, with a market capitalization of $16.6 billion and Ethereum holdings worth $16.2 billion. The company has other assets, including 213 Bitcoin, cash, and marketable securities worth a total of over $1 billion.