Bitmine Immersion Technologies (NYSE:BMNR) saw its stock price surge on Tuesday, riding a wave of optimism in crypto-linked equities. The rally came as major cryptocurrencies like Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) posted gains. Bitcoin rose 1% to $82,646.03, while Ethereum gained $43.70, or 1.82%, to $2,446 over the past 24 hours.
The move followed Bitmine’s recent purchase of 12,535 additional Ethereum tokens. Chairman Tom Lee described the recent sell-off in tech and digital assets as a “coiled spring” setup, suggesting a potential rebound. Lee told CNBC that fears around artificial intelligence, rising oil prices, and midterm election anxiety drove the market downturn, creating buying opportunities in sectors like memory chips, semiconductors, neoclouds, and crypto.
Bitmine reported total crypto holdings, cash, and “moonshot” investments of $15.1 billion as of October 18. The company held 6,041,481 Ethereum tokens at an average price of $2,365 per token, nearing its 5% accumulation target. The firm has been consistently purchasing Ethereum since June 2025.
From a technical perspective, Bitmine’s stock is attempting to stabilize after a challenging year, down 57.22% over the past 12 months. Tuesday’s rally appears to be a bounce within a broader recovery structure. The stock is trading 8.2% below its 20-day simple moving average (SMA) but remains above its 100-day and 200-day SMAs. The relative strength index (RSI) sits at 45.18, indicating neutral territory without strong upside pressure.