BitMine Stock Is Moving Higher Monday: What's Happening?

Shares of BitMine Immersion Technologies, Inc. (NASDAQ:BMNR) are rising Monday. The company shared updates on its cryptocurrency and cash holdings.

• BMNR is among today’s top performers. Check the market position here.

What To Know: BitMine said it now owns 2.8% of the ETH token supply, the native cryptocurrency of the Ethereum (CRYPTO: ETH) blockchain. The update puts the company past the halfway point as it works to acquire 5% of the total ETH supply under its previously announced “Alchemy of 5%” goal.

BitMine’s holdings, which include crypto, cash holdings and “moonshots,” now total $14.2 billion, including 3.31 million ETH tokens and unencumbered cash of $305 million. The company acquired 77,055 ETH tokens over the past week and remains the largest Ethereum treasury in the world.

“We believe the easing of US-China trade tensions will encourage investors to increase ‘open interest’ and therefore, associated trading volumes should improve in coming weeks. BitMine continues to attract institutional investor capital as our high liquidity is appealing,” said Tom Lee, chairman of BitMine.

BMNR Analysis: BitMine is trading approximately 3.7% above its 50-day moving average of $51.80, indicating a bullish short-term trend. Additionally, it’s trading 111.1% above its 200-day moving average of $25.43, which suggests strong long-term momentum. The relative strength index (RSI) sits at 45.47, signaling a neutral position that could indicate room for further upward movement if buying interest continues to build.

Key support is identified at $48.51, which could provide a buffer against potential downside. Conversely, the resistance level at $55.19 may pose a challenge for the stock as it approaches this threshold.

BMNR Price Action: BitMine shares were up 6.31% at $53.60 at the time of publication on Monday, according to Benzinga Pro.

Read More:

• Bitmine’s Tom Lee Predicts Crypto Surge, Expects S&P 500 To Climb Up To Another 10%: Report

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