BitMine Stock Soars as Ethereum Surpasses $2,700
BitMine stock surged by about 6% as Ethereum's price broke above $2,700. The company has been aggressively accumulating ETH, with its treasury now holding 5.98 million tokens, accounting for around 4.9% of the total supply.
BitMine began buying Ethereum in July last year and has continued to do so every week, even when prices dropped to $1,500. The company's dollar-cost averaging strategy has been effective, as it now holds over 5.983 million coins that have gained by 81% since their purchase.
The technical analysis suggests that Ethereum is forming a bullish flag pattern, with the price breaking out above its previous resistance level of $2,460. If this trend continues, Ethereum could reach its next key resistance level at $3,000, which would boost BitMine's revenue significantly.