Ethereum
BitMine Shares Rise 8% Following Ethereum Rebound and Asset Disclosures
BitMine Immersion Technologies gained ground amid strength in ether and portfolio details revealed by its affiliate Eightco Holdings.
Shares of BitMine Immersion Technologies climbed roughly 8% to $25.77 on Friday, decoupling from broader equity benchmarks as the S&P 500 fell 0.44% and the Nasdaq finished flat. The primary driver was a 4.62% 24-hour rebound in Ethereum to approximately $2,558, which supports BitMine's mining operations and its balance sheet of staked ether generating passive rewards.
Investor sentiment was further supported by a portfolio update from BitMine-backed Eightco Holdings. Eightco disclosed roughly $380 million in total assets, including a $90 million indirect investment in OpenAI, an $18 million stake in Beast Industries, a $1 million position in Mythical Games, and over 301 million Worldcoin tokens valued at 37 cents each. Eightco also holds 16,278 ETH, about $120 million in cash and stablecoins, and completed buybacks of more than 26 million common shares during the quarter.
Trading in BitMine derivatives added momentum, marked by heavy volume in near-term call contracts above the $25 strike and a sharp rise in implied volatility. Technically, BMNR is trading above its 20-day, 50-day, 100-day, and 200-day simple moving averages, though a death cross from January remains active on the chart.
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