BitMine shares surge 7.85% as Ethereum rebounds

BitMine Immersion Technologies shares traded 7.85% higher at $25.77 at publication on Friday. Ethereum traded at $2,558.39. Ethereum was up 4.62% over the past 24 hours. The Nasdaq was down 0.04%. The S&P 500 was down 0.44%. The Technology Select Sector SPDR Fund was down 0.19%. Eightco Holdings, which BitMine backed, reported approximately $380 million in total assets. Eightco reported a $90 million indirect investment in OpenAI. Eightco reported an $18 million investment in Beast Industries. Eightco reported a $1 million stake in Mythical Games. Eightco reported holding 301,971,219 Worldcoin tokens valued at 37 cents each. Eightco reported holding 16,278 Ethereum. Eightco reported approximately $120 million in cash and stablecoins. Eightco repurchased over 26 million common shares during the quarter. BitMine shares traded above the 20-day simple moving average at $24.46. BitMine shares traded above the 200-day simple moving average at $22.08. BitMine shares also traded above the 50-day simple moving average at $20.28. BitMine shares traded above the 100-day simple moving average at $19.13. The 20-day simple moving average was above the 50-day simple moving average. The 50-day simple moving average remained below the 200-day simple moving average after a death cross in January. The analysis identified $27 as key resistance. The analysis identified $23 as key support. The $23 support level was near the 20-day exponential moving average at $23.64. BitMine had a 5.87% weighting in the Corgi Crypto Infrastructure ETF. BitMine had a 7.00% weighting in the Bitwise Crypto Industry Innovators ETF. BitMine had a 9.97% weighting in the Global X Blockchain ETF. Substantial inflows or outflows from those ETFs could create additional buying or selling pressure on BitMine shares as fund managers adjust their holdings.