BitMine shares rise as Ethereum holdings near 6 million tokens

BitMine Immersion Technologies shares rose more than 5% in Monday's premarket trading as cryptocurrency prices increased and the company disclosed a larger Ethereum treasury. Benzinga Pro data showed the shares up 5.19% at $27.34. Bitcoin rose 5.5% over 24 hours to $85,262.62, while Ethereum gained 5.9% to $2,728.49. Nasdaq futures rose 0.93% and S&P 500 futures gained 0.65%. BitMine said its Ethereum holdings reached 5,983,940 tokens as of Sept. 20. At an Ethereum price of $2,688, the position represented about 4.9% of the cryptocurrency's 122.1 million-token supply. The company reported $17.1 billion in total crypto, cash, marketable securities and other investments. That total included 212 Bitcoin, $714 million in cash and marketable securities, a $180 million stake in Beast Industries and a $105 million stake in Eightco Holdings. BitMine said it had staked 5.07 million Ethereum tokens worth about $13.6 billion, representing roughly 85% of its Ethereum holdings. The company estimated annualized staking revenue of about $357 million and reported a seven-day annualized staking yield of 2.62%. Chairman Tom Lee said BitMine acquired another 27,562 Ethereum tokens during the past week. Lee also said he expects institutional crypto exposure to increase during the final quarter of 2026. The stock was about 12% above its 20-day simple moving average of $24.48 and roughly 24% above its 200-day average of $22.08 at Monday's premarket price. However, the MACD remained below its signal line and its histogram was negative, indicating that recent upside momentum had weakened. Resistance was near $30.50 and support was around $23. The shares remained below their 52-week high of $65.60 after rebounding from a June low of $12.80. BitMine was held by several crypto-focused funds, including the Corgi Crypto Infrastructure ETF, Bitwise Crypto Industry Innovators ETF and Global X Blockchain ETF.