Bitmine Surges 8% on Ethereum Strength After Cantor Doubles Price Target

Shares of Bitmine Immersion Technologies (NYSE:BMNR) surged 8% to $26.09 on Friday morning, fueled by a strong Ethereum rally and Cantor Fitzgerald doubling its price target on the stock to $64.

The move is largely attributed to the company's large Ethereum treasury, which comprises 5.93 million tokens. This mechanism turns Bitmine's stock into a leveraged proxy for the asset, amplifying gains but also increasing drawdowns.

Cantor Fitzgerald's revised price target and its decision to keep an Outperform rating on BMNR are seen as a validation of the company's strategy. The firm also raised targets on other crypto treasury names and predicted that the current crypto bear-market drawdown will likely have bottomed by October.