BitMine Immersion Technologies ($BMNR) stock got resuscitated this week. The stock, trading under the ticker BMNR, jumped 7.68% over the last five trading days. The big spark for this rally came from a bold call by the company’s Chairman Tom Lee. In a recent update, Lee made it clear that he isn’t worried about the recent market shakes. He stated, “We understand war headlines make investors nervous, but we expect stocks to be up in March.” He believes the market is being led by the “Magnificent 7” tech giants, software, and crypto assets like Bitcoin (BTC-USD) and Ethereum (ETH-USD). Since BitMine’s value is tied directly to its crypto holdings, Lee’s bullish outlook has acted like a shot of adrenaline for the stock.
BitMine Does a Deep Dive into Ethereum
While other companies are playing it safe, BitMine is doubling down. The firm just confirmed that it now holds over 4.53 million ETH, which is roughly 3.76% of the entire world supply. In just the past week, they scooped up another 60,976 tokens. Tom Lee noted that the company has staked about 3 million of those tokens. This move is already bringing in $174 million in yearly revenue, proving that their plan to become the world’s biggest Ethereum treasury is working.
The Market Sees a Major Bottoming Signal
Many investors are betting that the worst is over for the “mini crypto winter.” Lee pointed out that the current price patterns look a lot like the market bottoms seen in 1987 and 2011. He expects Ethereum to find a solid floor between March 8th and March 14th. If he’s right, BitMine’s $10.3 billion portfolio of crypto and cash could be worth a lot more very soon. For now, the stock remains a favorite for big names like Cathie Wood and Galaxy Digital ($GLXY), who are betting on the same March turnaround.
Is BitMine Stock a Good Buy?
Turning to TipRanks, BMNR stock has a Moderate Buy consensus rating based on two Buy ratings from analysts assigned in the last three months. The average 12-month BMNR price target sits at $34.50, implying an upside potential of 56.43%.
