BitMine Immersion Technologies Inc. (NYSE:BMNR) shares are surging Friday, driven by a strong rebound in Ethereum (CRYPTO: ETH). Ethereum was trading at $2,558.39, up 4.62% over the past 24 hours, providing a boost to BitMine. The Nasdaq is down 0.04% while the S&P 500 has shed 0.44% and Technology (XLK) is lower by 0.19%.

Eightco Discloses Holdings

Eightco Holdings Inc. (NASDAQ:ORBS) backed by BitMine Immersion provided an update on its total holdings on Thursday, Eightco reported total assets of approximately $380 million. Eightco reported holding a $90 million indirect investment in OpenAI, an $18 million investment in Beast Industries, a $1 million stake in Mythical Games, 301,971,219 Worldcoin tokens valued at 37 cents each, 16,278 Ethereum and approximately $120 million in cash and stablecoins. Eightco also repurchased over 26 million shares of common stock this quarter.

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Technical Analysis

The stock is trading above its major moving averages, including the 20-day SMA ($24.46) and the 200-day SMA ($22.08), which keeps the intermediate trend pointed up. It’s also well above the 50-day SMA ($20.28) and 100-day SMA ($19.13), suggesting the recent rebound has real distance behind it.

The longer-term picture is mixed because the 20-day SMA is above the 50-day SMA (bullish), but the 50-day SMA remains below the 200-day SMA after the death cross in January. Traders will often treat that combination as "short-term improving, long-term still repairing," especially after the swing low in June and the swing high in September.

  • Key Resistance: $27 — a nearby round-number area where rebounds can stall if momentum stays choppy
  • Key Support: $23 — a nearby pivot zone that sits close to the 20-day EMA ($23.64), making it a practical first line of defense

Top ETF Exposure

BitMine has significant exposure across several crypto-focused ETFs, including the Corgi Crypto Infrastructure ETF (NASDAQ:BLCK) at a 5.87% weight, the Bitwise Crypto Industry Innovators ETF (NYSE:BITQ) at 7.00%, and the Global X Blockchain ETF (NASDAQ:BKCH) at 9.97%. Given BMNR’s sizable allocations in these funds, substantial ETF inflows or outflows could create additional buying or selling pressure on the stock as fund managers adjust their holdings.

BMNR Stock Price Activity: BitMine Immersion shares are trading higher by 7.85% at $25.77 at the time of publication on Friday, according to Benzinga Pro data.

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