Bitmine Immersion Technologies Inc (NYSEAMERICAN: BMNR) jumped in premarket trading Wednesday, as Ethereum (CRYPTO: ETH) staged a recovery.
Ethereum’s bounce comes after a brutal stretch that saw the asset shed roughly 38% over the past month.
Crypto trader Don Wedge had flagged the setup, noting that ETH was sitting at a major support zone with two likely paths — either a bounce from current levels, or a sweep of key support before reversing higher.
BitMine’s Massive Accumulation
BitMine has been aggressively building its Ethereum treasury through the downturn. The company acquired 51,162 ETH for $98 million last week, lifting total holdings to approximately 4.4 million ETH — roughly 3.66% of circulating supply — as of Monday.
Chairman Tom Lee defended the accumulation strategy amid what he called the “mini crypto winter,” arguing the price does not reflect Ethereum’s utility. Lee pointed to three fundamental drivers: Wall Street tokenization, AI agents using smart blockchains, and the creator economy using blockchains for verification. T
Buterin’s Sales
The buying stands in contrast to moves by Ethereum co-founder Vitalik Buterin, who sold 3,788.57 ETH worth approximately $7.3 million over three days, per on-chain data shared by Lookonchain.
Technical Analysis
Over the past year, BitMine’s stock has surged by 273.85%, despite currently trading 42.7% below both the 100-day and 200-day simple moving averages (SMAs), which are set at $35.17 and $35.16 respectively.
This indicates a significant retracement from its 52-week high of $161.00, aligning closer to its 52-week low of $3.92.
Price Action
ETH traded at $1,923.02, up 5.53% over 24 hours, with a market cap of approximately $232 billion. Bitcoin (CRYPTO: BTC) traded at $65,410.16, up 3.51% over 24 hours, according to CoinMarkteCap data.
BitMine Immersion shares were up 3.40% at $20.10 during premarket trading on Wednesday, according to Benzinga Pro data.
Photo: PJ McDonnell / Shutterstock
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