Bitmine Surges 13% as Ethereum Holdings Near Target

Bitmine Immersion Technologies (BMNR) shares surged 13% on Monday as the Ethereum-based company's treasury update reassured Wall Street investors.

The company now holds $11.8 billion in crypto, cash, and equity stakes, with 5.79 million ETH tokens equal to 4.8% of Ethereum's circulating supply, putting it close to its 5% accumulation target set 13 months ago.

Chairman Tom Lee framed the accumulation as a long-term commitment rather than opportunistic trading, stating that Bitmine has 'bought ETH every week since the inception of the ETH Treasury Strategy on June 30, 2025.'

The firm also runs MAVAN, its own Ethereum staking network, which now holds 4.9 million staked ETH and projects $254 million in annualized staking revenue.