Bitmine Soars Past $135 After Revealing ETH Treasury Plans
Bitmine Immersion Technologies Inc. has surged to a four-year high, more than doubling in value over the past two days. This dramatic 3,000% rally comes after the company announced a $250 million facility dedicated to building an Ethereum (ETH) treasury.
Bitmine becomes the latest in a wave of treasury-focused companies to spark a stock rally. Its shares jumped over 100% in just 48 hours, hitting $135 — a level not seen since April 2021. The surge followed the announcement and subsequent closure of a $250M private placement aimed at acquiring and holding ETH.
Initially trading at just $1, Bitmine skyrocketed to $135 in under a week, positioning itself as a frontrunner among Ethereum treasury firms — a trend following the earlier Bitcoin-focused strategies of other companies.
The rally has had a ripple effect. Sharplink Gaming (SBET) climbed from $9.50 to over $12.60, although it remains below its previous highs. BitDigital, Inc. (BTBT) also jumped, reaching a one-month peak of $2.94. The ETH treasury trend appears to be fueling broader investor optimism.
Treasury strategies allow these firms to stake ETH for passive income. Sharplink, for instance, has already staked 95% of its $ETH holdings, now valued at over $450 million.
Bitmine’s Dual Crypto Strategy
Bitmine currently holds 154.2 BTC, purchased at prices above $106,000 since June 16. It also operates hidden hashrate setups expected to deliver more BTC over the next six months. With proceeds from its private placement and ongoing BTC earnings, Bitmine plans to accumulate more ETH for long-term holding.
The company runs direct mining operations, engages in synthetic markets, and offers hashrate as a financial product. In addition to consulting, Bitmine owns cost-efficient data centers in Texas.
Can Bitmine Spark New ETH Demand?
While $ETH demand has picked up due to ETF interest, treasury purchases haven't yet significantly moved the broader market. $ETH remains range-bound around $2,500, despite bullish hopes for a breakout past $3,000. It recently traded at $2,557.21, struggling under selling pressure after failing to break above $2,700.
Nonetheless, Ethereum’s ecosystem is showing signs of recovery. On-chain activity is increasing, especially in DeFi and stablecoin usage, with $USDT and USDC driving network traffic.
Although current ETH treasury buying isn’t yet on the scale of BTC-focused players like MicroStrategy, the eme rgence of altcoin treasury firms could fuel the broader 2025 crypto rally. Companies are already signaling interest in SOL and BNB, but ETH remains a top candidate thanks to its built-in staking rewards.
