BitMine Immersion Technologies Inc. shares jumped this week after a steep rally on Friday, and traders kept the momentum into Monday.
US President Donald Trump signed an executive order last week that opens the door for cryptocurrencies to be included in 401(k) retirement plans, and investors treated that as a bullish sign.
The mix of a rising ETH price and clearer policy signals appears to have amplified demand for BitMine stock.
According to BitMine, the company has focused more on accumulating ETH since late June. The jump from about 833,137 tokens to 1.15 million tokens in a single week was presented as a deliberate strategy change.
Fundstrat’s Tom Lee, who was recently named chairman of BitMine’s board, commented on the speed of the purchases and framed it as a win for shareholders. Those remarks helped push sentiment higher, even as some market watchers urged caution.
The company climbed into the top tier of US stock trading by dollar volume, with a five-day average daily volume of $2.2 billion as of August 8 — a figure that put it roughly at number 25 on US trading lists, between Costco Wholesale Corp and Micron Technology.
Reports have come mainly from BitMine’s own filings and market services, so some analysts say investors should look for extra proof.
On-chain wallet links, third-party audits, or independent custody confirmations would make the ETH claims easier to verify.
There are also risks tied to holding a single crypto asset at scale: price drops in ETH, custody snafus, or sudden changes in sentiment could hit the company’s net asset value hard.
Investors will be watching whether BitMine provides additional verification of its holdings and how Ether’s price behaves after the recent gains.
For now, BitMine’s market moment is real, the numbers are large, and both upside and downside risks look big.
Featured image from Unsplash, chart from TradingView
