Bitmine Stock Jumps 13% on Massive Ethereum Treasury Push

Bitmine Immersion Technologies saw its stock jump 13 percent on Monday to become the best performing stock on Wall Street for the day. The surge followed a fresh treasury update showing the firm holds 11.8 billion dollars in total crypto, cash, and equity. Investors welcomed the news, sending shares higher as confidence grew in the company strategy.

The firm now holds 5.79 million Ethereum tokens, which equals nearly five percent of the circulating supply. This brings the company very close to its accumulation target set thirteen months ago. Alongside the token stash, Bitmine bought back 6.1 million shares last week as part of its ongoing four billion dollar buyback program.

Chairman Tom Lee noted that the company has purchased Ethereum every week since starting its treasury strategy. The firm also operates its own staking network, currently bringing in substantial annualized revenue. Major backers like ARK Invest and Pantera Capital continue to support the plan, showing strong institutional appetite for crypto treasury models.

Traders will now watch to see if the steady buyback pace and staking revenue can keep Wall Street interested. As other firms also build their crypto reserves, companies like Bitmine are setting the pace for institutional crypto exposure.