Bitmine Immersion Technologies (NYSE:BMNR) stock surged on Tuesday, tracking a broader rally in crypto-linked equities as major cryptocurrencies move higher.
Bitcoin (CRYPTO: BTC) rose 1% to $82,646.03, while Ethereum (CRYPTO: ETH) gained $43.70, or 1.82%, to $2,446 over the past 24 hours, boosting sentiment across the cryptocurrency market.
The Nasdaq was up 0.18% while the S&P 500 has gained 0.43%.
• BitMine Immersion stock is charging ahead with explosive momentum. Why is BMNR stock up today?
The move followed Bitmine’s purchase of 12,535 additional Ethereum tokens last week. Chairman Tom Lee characterized the recent sell-off across tech and digital assets as a “coiled spring” setup.
Why Lee Sees Buying Opportunity
Lee told CNBC Saturday that fears around artificial intelligence, rising oil prices tied to U.S.-Iran tensions and anxiety surrounding midterm elections drove the market unwind. He stated that the pullback creates buying opportunities in memory chips, semiconductors, neoclouds, and crypto, noting that underlying fundamentals remain intact while prices test support levels.
“If the fundamentals remain intact, then it’s a coiled spring,” Lee said.
Bitmine stated crypto selling occurred as global investors in the U.S., Korea, and Taiwan reduced exposure to AI-related stocks. Lee explained this gap between weak prices and solid fundamentals represents “an attractive risk/reward opportunity”.
Treasury Holdings Hit $15.1 Billion
Bitmine reported total crypto holdings, cash, and “moonshot” investments of $15.1 billion as of Oct. 18. The company held 6,041,481 Ethereum at an average price of $2,365 per token, representing 4.9% of Ethereum’s total 122.1 million supply. This puts Bitmine 99% of the way toward its 5% accumulation target. The firm has purchased Ethereum every week since starting its treasury strategy in June 2025.
Technical Analysis
From a trend perspective, Bitmine is still trying to stabilize after a rough 12 months (down 57.22%), and Tuesday’s strength looks like a bounce attempt inside a wider recovery structure. The stock is trading 8.2% below its 20-day SMA ($25.05) and 4% below its 50-day SMA ($23.97), but it remains 14.3% above its 100-day SMA ($20.13) and 7.9% above its 200-day SMA ($21.33).
Momentum is best framed through RSI, which sits at 45.18 — neutral territory that suggests the stock isn’t stretched, but it also isn’t showing strong upside pressure yet.
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Two longer-term signals still matter for swing traders: the 20-day SMA remains above the 50-day SMA (a bullish alignment), and the Golden Cross in September (50-day SMA above the 200-day SMA) keeps the bigger-picture trend bias from turning outright bearish.
- Key Resistance: $27
- Key Support: $22.50
BMNR Stock Price Activity: BitMine Immersion shares were up 5.94% at $22.84 at the time of publication on Tuesday, according to Benzinga Pro data.
Photo: PJ McDonnell / Shutterstock
