Shares of Bitmine Immersion Technologies Inc (AMEX:BMNR) are trading approximately flat Wednesday afternoon, as the company remains a battleground of conflicting sentiment between bulls and bears. Here’s what investors need to know.
What To Know: The company’s strategy of becoming a major corporate holder of Ethereum (CRYPTO: ETH) has attracted high-profile investors like Cathie Wood’s Ark Invest.
BitMine recently updated its holdings to over 2.83 million ETH, valued at approximately $13.4 billion, positioning itself as a key player for investors seeking exposure to the world’s second-largest cryptocurrency. This company’s strategy, led by chairman and noted crypto bull Tom Lee, aims to capture 5% of the total ETH supply.
While bulls continue to bid up shares of BitMine, which are up approximately 660% year-to-date, bears believe the stock’s rapid ascent raises questions about the company’s future trajectory.
Kerrisdale Capital announced a short position in BitMine on Wednesday, arguing that the company’s premium is unsustainable and will “sink.” The short-seller pointed to the potential for share dilution and questioned the long-term viability of BitMine’s business model.
Benzinga Edge Rankings: Underscoring its powerful 2025 performance, the stock registers an exceptional 99.53 Momentum score from Benzinga Edge stock rankings.
BMNR Price Action: BitMine Immersion shares were up 0.41% at $59.44 at the time of publication Wednesday, according to Benzinga Pro.
The stock is above its 50-day moving average of $49.45, indicating a bullish trend, but is significantly higher than its 200-day moving average of $24.87, suggesting strong long-term momentum. Key support is likely around the 50-day moving average, while resistance may be encountered near the recent high of $61.01.
Read Also: Bitcoin Rebounds Above $122,000—But For ETH, XRP That May Be Bad News
How To Buy BMNR Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in BitMine Immersion’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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