BitMine Immersion Technologies Inc (AMEX: BMNR) shares jumped on Monday, driven by strong momentum in the overall crypto market—especially Ethereum (ETH), which saw notable gains.

Here’s what’s happening: Crypto stocks are gaining as digital currencies surge. Bitcoin rose around 1.79% over the past 24 hours and is trading close to its all-time high. Meanwhile, Ethereum spiked about 3.6%, trading near $4,700. These price increases are boosting companies with large crypto holdings, like BitMine.

On Monday, BitMine shared a major update: it now holds more than 2% of all Ethereum tokens in circulation. This is part of its long-term strategy called the “alchemy of 5%,” aiming to eventually own 5% of all ETH supply. The company currently holds the world’s largest Ethereum treasury and is second only to Strategy in total crypto holdings. Strategy holds 640,031 Bitcoin, worth approximately $79 billion.

BitMine’s total assets—including cryptocurrencies, cash, and investments in high-risk, high-reward opportunities (referred to as “moonshots”)—are now valued at $13.4 billion. As of October 5, the company owns 2.83 million ETH, 192 Bitcoin, and $456 million in cash. It also has a $113 million investment in Eightco Holdings (NASDAQ: ORBS).

Tom Lee, chairman of BitMine and founder of Fundstrat, emphasized that the company believes two major investment trends are here to stay: artificial intelligence (AI) and crypto. He highlighted Ethereum as a top choice due to its track record of reliability and zero downtime.

In a previous message from August, BitMine explained its focus on ETH ownership. According to the company, holding a large percentage of Ethereum will offer long-term advantages due to how value compounds for large holders—a principle they refer to as “power law.”

BitMine is becoming one of the most actively traded stocks in the U.S., with a recent average daily trading volume of $2.5 billion. That makes it the 28th most traded stock among more than 5,700 listed companies in the U.S. It’s also supported by major investors like Cathie Wood’s ARK Invest, Founders Fund, Bill Miller III, Pantera Capital, and Galaxy Digital.

As of Monday afternoon, BitMine stock was up 10.19%, trading at $62.51.

Key Takeaways:
– BitMine now holds over 2% of all Ethereum tokens.
– The company’s total assets are valued at $13.4 billion.
– Crypto markets are rising, pushing up crypto-related stocks.
– BitMine is backed by major institutional investors.
– Ethereum remains BitMine’s core focus due to its strong performance and uptime.

Crypto investors are closely watching firms like BitMine as Ethereum continues to rise, with the broader crypto market showing strong signs of growth.