BitMine’s share price is slowly fighting its way back up, climbing from a November 21 low of $25.35 to around $40, and the recovery comes at a moment when Ethereum appears to be gearing up for a major move. With the company aggressively accumulating ETH and network fundamentals strengthening, traders are starting to consider whether both the stock and the cryptocurrency are setting up for a fresh rally.
BitMine Becomes a Massive Ethereum Holder
BitMine Immersion, once known mainly as a small-cap Bitcoin mining firm, has transformed into the world’s largest Ethereum holder. Over the past month alone, the company added 359,228 ETH, pushing its total stash to 3.864 million coins, valued at more than $12.36 billion at current prices.
This enormous accumulation has become a key part of BitMine’s long-term strategy—and it’s already shaping investor sentiment.
Ethereum’s Supply Crunch Helps the Bullish Case
Market data shows that Ethereum held on exchanges has dropped to an all-time low, a sign of tightening supply. That scarcity is being driven by several groups:
- Spot ETH ETFs
- Stakers and validators
- Treasury-focused digital asset companies like BitMine
- Large “whale” wallets quietly accumulating
This steady absorption of available ETH suggests big players are positioning for a price rebound.
Beyond supply, Ethereum’s growing ecosystem is reinforcing the bullish outlook. ETH has become the leading chain for real-world asset (RWA) tokenization, securing roughly $12 billion of the industry’s total $18.45 billion in tokenized assets. Ethereum also still dominates DeFi, NFTs, and stablecoins, giving it unmatched network effects across Web3.
Investor Kevin O’Leary even argued recently that most smaller L1 and L2 chains may eventually fall to zero—while Ethereum remains the core infrastructure layer.
Technical Patterns Point to Upside for ETH
Ethereum’s daily chart shows a falling wedge pattern, a formation that historically leans bullish. If ETH breaks out, analysts believe a return toward its all-time high near $4,945 isn’t unrealistic.
Such a move would dramatically boost BitMine’s balance sheet. Its Ethereum holdings would jump from $12.36 billion to over $18 billion, exceeding the company’s current $17.2 billion market cap.
BitMine’s Staking Plans Add Another Catalyst
In contrast to Michael Saylor’s Bitcoin-only approach at MicroStrategy, BitMine plans to monetize its ETH through staking, targeting an estimated 2.9% annual yield—roughly $400 million a year. The company will launch a staking product called MAVAN to support this strategy.
BitMine Stock Technicals Show Momentum Building
On the charts, BMNR has bounced sharply from its November lows. The Supertrend indicator has flipped bullish, turning from red to green. Meanwhile, the RSI has risen from a deeply oversold 28 to 55, suggesting momentum is returning.
If the current trend continues, bulls may soon aim for the next major resistance at $64.40—a level last seen on October 7—representing a 58% potential upside from current prices.
Also Read: BitMEX Unveils Sleek New Mobile App to Speed Up Derivatives Trading
