BitMine Stock Jumps 13% as Its Ethereum Treasury Nears the 5% Goal

BitMine Immersion Technologies (BMNR) jumped about 13% on Monday, making it the best-performing stock on Wall Street that day. The reason: a treasury update showing the company is now within touching distance of its ambitious goal to own 5% of all Ethereum.

What BitMine announced#

BitMine revealed it bought another 9,946 ETH last week, lifting its total to 5,787,414 ETH. That is roughly 4.8% of Ethereum's circulating supply, meaning the firm is about 96% of the way to its 5% target, just 13 months after it began buying.

In total, BitMine now holds around $11.8 billion in crypto, cash, and other investments, making it the largest corporate Ethereum treasury in the world.

Why the stock popped#

The move was striking because Ethereum's own price actually slipped about 3% that day. Investors were rewarding the strategy itself, not a rise in ETH. The stock climbed from below $16.60 to nearly $18, settling around $17.92, for a market value of roughly $11.3 billion.

Two things reassured buyers. First, BitMine is aggressively buying back its own shares, repurchasing 6.1 million last week and 11.6 million since July 1 under a $4 billion program. Second, it stakes about 85% of its ETH through its MAVAN platform, generating an estimated $254 million a year in staking rewards. That turns the treasury into a source of recurring income, not just a passive bet.

Backing from names like Cathie Wood's ARK Invest, Pantera Capital, and Galaxy Digital, plus recent inclusion in the Russell 1000 index, has further cemented its Wall Street profile.

The catch

BMNR increasingly trades like a leveraged bet on Ethereum. When ETH rises, the stock can soar, but the same works in reverse. The company remains unprofitable at the operating level, so its fortunes are tightly tied to the price of a single, volatile asset.

Image credits:* Bitminetech.io*