After a major correction in August last month, ETH treasury firm Bitmine Technologies (NASDAQ: BMNR) has seen a strong recovery on Wall Street this week. The BMNR stock price surged 15% on Friday, September 12, shooting past $55, and extending its weekly gains to more than 30%. Investors’ confidence in Tom Lee’s execution of building strategic Ethereum reserves for Bitmine has been growing.
BMNR Stock Delivers Perfect Reversal from Bottom
Amid the aggressive ETH buying spree, Bitmine Technologies took its total ETH holdings to more than 2 million this week. As a result, the BMNR stock has staged a strong reversal from the bottom at $40 and has surged more than 30% since then. Investors are confident that the stock price rally could continue moving ahead.
Friday’s 15% move in BMNR stock comes on the heels of a successful Gemini listing on NASDAQ, as the GEMI stock ended 15% up on debut. Popular market investor Amit pointed out that the Bitmin stock is trading at a 1.5x multiple to its modified net asset value (mNAV).
BMNR share price, which was changing hands at $40 last week, is now approaching the $50 mark as Ethereum hovers near $4,650. The stock’s NAV currently stands at about $38, indicating that investors are paying a premium amid growing enthusiasm.
Analyst Amit stated that BMNR’s performance is closely tied to Ethereum’s trajectory, with volatility expected if ETH consolidates. In his message on the X platform, the analyst stated:
“Just came back from the $HOOD summit. The amount of people that said they are HEAVY in $BMNR and believe in your analysis…it was quite incredible”.
Popular investor Cathie Wood, who leads Ark Invest, has been heavily accumulating BMNR shares. Earlier this week, Ark Invest added 101,950 BMNR shares worth $4.3M to their portfolio, across different funds.
Bitmine Set for A Multi-Week Rally to $110
The recent reversal in the BMNR stock validates the bottom formation at $40. Popular market analyst Mike Investing believes that the stock could be heading for a multi-week rally, with potential targets to $110. This means that BMNR could deliver gains of over 100% from current levels. The bullish outlook is underpinned by momentum in Ethereum-linked assets and broader optimism around tokenization plays.
Source: Mike Investing
Ever since Bitmine Technologies announced its ETH Treasury plan in late June, the BMNR stock has gained 12x from there. Moreover, as per data from the Strategic ETH Reserve, Bitmine has emerged as the last ETH treasury firm, acquiring more than 2 million ETH worth nearly $10 billion. Its immediate competitor, SharpLink Gaming (NASDAQ: SBET), holds nearly half the ETH at 837K.
✓ Share:
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
