BitMine Stock Nears Golden Cross Pattern as Ethereum Holdings Approach 5%
BitMine's stock price is nearing a golden cross pattern as its Ethereum holdings approach 5%. This bullish indicator has been absent since July last year. The company's stock price broke above $26.90, forming a bullish flag, and is about to print a golden cross for the first time in over a year.
The golden cross occurs when the 50-day Exponential Moving Average (EMA) crosses over the 200-day EMA, indicating a potential increase in momentum. This pattern is typically seen as a strong buy signal. The stock has also formed a bullish flag pattern, which consists of a vertical line and a horizontal channel.
BitMine's Ethereum holdings are currently at around 4.9% of the total supply, with over 6 million coins held. The company aims to reach its target of owning 5% of all ETH tokens in circulation. In order to achieve this goal, BitMine will need to make a few more purchases.
Tom Lee, an expert in the field, has stated that institutions are still underweight in crypto and expect them to add to their exposure in the final months of 2026. The company's staking revenue is also expected to increase with the Ethereum price.