BitMine Immersion Technologies (BMNR) surged 13% to $20.72 on Wednesday as Bitcoin climbed back above $68,000 for the first time in months, pulling crypto-linked stocks sharply higher across the board.
Bitmine Immersion Technologies, Inc., BMNR
Bitcoin traded at $68,500, up 6% in 24 hours. Ethereum hit $2,089. The move lifted Strategy (MSTR) 13% to $104.72 and Coinbase (COIN) 11% to $162.88.
No single company catalyst triggered the rally. The move appears to be a rebound off summer lows, possibly supported by the SEC’s proposed “Regulation Crypto Assets” framework.
BitMine is sitting on a massive Ethereum position. The company holds 5.82 million ETH tokens, equal to 4.8% of the total global Ethereum supply, with 5.07 million of those tokens staked.
Management said Monday the company’s combined treasury of crypto, cash, and strategic investments has reached $11.4 billion. BitMine says it is 96% of the way toward its goal of holding 5% of all ETH in circulation.
Chairman Tom Lee holds that position directly, making him one of Ethereum’s largest institutional stakeholders. Lee posted Wednesday that crypto is “more relevant today given the rapidly increasing capabilities of AI and robotics,” calling Ethereum “the most important L1.”
His comments came in response to a BlackRock report titled “Re-Underwriting Bitcoin,” which focused on Bitcoin’s 50% drop from its October 2025 high. That report makes no mention of Ethereum, robotics, or AI, meaning Lee’s framing goes beyond what the source material actually says.
Alongside its token accumulation, BitMine has been buying back its own stock. The company repurchased 1.7 million common shares last week alone, bringing the total under its $4 billion repurchase program to over 20.8 million.
That buyback pace signals management is trying to support the stock price while it builds its crypto treasury.
Despite Wednesday’s jump, BMNR is still down 33% year to date through Tuesday’s close. Strategy is down 39% and Coinbase is down roughly 35% over the same period.
This rally is the sharpest one-day move for these crypto proxies all summer. But it sits inside a rough 2026 for the entire sector.
BMNR traded in a day range of $18.37 to $20.89, with volume hitting 38.41 million on the session.
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