Key Insights:
- Bitmine Immersion acquired an additional 25,369 million ETH worth $107 million, Lookonchain reported.
- Fundstrat’s Tom Lee met with Ethereum co-founder Vitalik Buterin for a discussion.
- BMNR stock price targets $62 after shares jumped over 5%.
Bitmine Immersion acquired an additional 25,369 million ETH, a day after the largest Ethereum treasury purchased 234,850 ETH for $963 million.
This coincided with Fundstrat’s Tom Lee meeting with Ethereum co-founder Vitalik Buterin to discuss alignment between the entities.
BMNR stock price has jumped more than 5% as Bitmine expanded Ethereum treasury to over $11 billion. ETH price recovery above $4,100 also supported building bullish momentum.
Bitmine Immersion Adds $107 Million in ETH
Bitmine Immersion Technologies added another 25,369 worth almost $107 million, on-chain expert Lookonchain reported on September 30.
On-chain data revealed that a newly created wallet 0x93c2, potentially linked to Bitmine, received ETH from FalconX.
On Monday, Bitmine disclosed a net crypto and cash holdings of $11.6 billion. The Ethereum treasury company purchased an additional 234,850 ETH for $963 million, while also holding 192 BTC and $436 million in cash.
Bitmine Immersion expanded its total Ethereum holdings to 2,650,900 ETH, accounting for $10.97 billion at an average price of $4,141 per ETH.
The firm has also boosted its stake in Eightco Holdings to $157 million, as Tom Lee claims AI and crypto convergence to play a crucial role in the future, with Ethereum at the center of it.
Bitmine Chair Tom Lee Meets Vitalik Buterin
Bitmine chairman Tom Lee took to X today and shared that he met Vitalik Buterin at Token2049. He discussed the comprehensive alignment between Bitmine and Ethereum.
The meeting holds significance amid Tom Lee’s plan to hold 5% supply of ETH. This helps both as it helps boost value for Bitmine shareholders and removes ETH from the circulating supply.
Lee claims the two Supercycle investing narratives for ETH remain AI and crypto. This requires neutral public blockchains such as Ethereum that have high reliability and 100% uptime.
BMNR Stock Price Jumps Over 5%
BMNR stock closed 5.39% higher at $53.22 on Monday. The 24-hour low and high were $51.70 and $54.60, respectively.
Bitmine is recording massive volumes on its stock after it sold 5.22 million shares at $70 per share and 10.4 million warrants with a strike price of $87.50.
As per Yahoo Finance, Bitmine stock has jumped 22% in a month and rallied almost 634% year-to-date 2025.
Recently, Fundstrat revealed that BMNR stock became one of the most traded in the US. Also, the stock recorded an average daily trading volume of $2.6 billion.
Economist Donald Dean pointed out that BMNR is moving higher with the crypto market recovery. The new area of support and resistance is at the $52 to $54 region, respectively.
It needs to exceed $56 to move to the next target at $62. If BMNR fails to pick up momentum, $47 is the lower support.
Ethereum Price Rebound Above $4,100
ETH bull strongly rebounded the price above the $4,100 level from the latest dip at $3,800. The Ethereum price is up another 1% over the last 24 hours, with an intraday low and high of $4,087 and $4,238, respectively.
The price jumped with support from a further 40% increase in trading volume in the last 24 hours. Bitmine Immersion claims the ETH chart is still bullish and will move higher in the coming weeks.
Mixed sentiment continues in the derivatives market, as per CoinGlass data. At the time of writing, the total Ethereum futures open interest jumped 1.30% to $80.44 billion in the last 24 hours.
Notably, 24-hour ETH futures OI on CME plunged more than 1.20% and climbed 1.95% on Binance. The 4-hour ETH futures OI tumbled more than 2%.