Shares of BitMine Immersion Technologies (BMNR) rose 13% to $20.72 on Wednesday after Bitcoin moved above $68,000 for the first time in several months. The broader rebound in digital assets lifted a range of cryptocurrency-linked equities.

Bitcoin was trading at $68,500, up 6% over the previous 24 hours, while Ethereum traded at $2,089. The rally also pushed Strategy (MSTR) higher by 13% to $104.72 and lifted Coinbase (COIN) 11% to $162.88. Stocks like these tend to amplify Bitcoin's swings because their revenues, balance sheets, or treasury holdings are tied directly to digital asset prices.

The move was not tied to any specific announcement from BitMine. Instead, it reflected a wider recovery from summer lows, potentially supported by the SEC's recently proposed “Regulation Crypto Assets” framework.

BitMine began as an immersion-cooled Bitcoin mining operator before shifting in mid-2025 to accumulating Ether, adapting the corporate treasury playbook that Strategy popularized with Bitcoin. The company now holds 5.82 million ETH tokens, equal to 4.8% of Ethereum's total supply of roughly 120 million tokens, with 5.07 million tokens currently staked — meaning they are committed to helping secure Ethereum's proof-of-stake network, where they earn staking rewards. On Monday, company leadership said BitMine's combined holdings, including cryptocurrency assets, cash reserves, and strategic investments, totaled $11.4 billion. Management said the company has reached 96% of its goal of controlling 5% of all circulating ETH.

Ethereum Strategy and Tom Lee's View

Chairman Tom Lee, the longtime equity strategist who co-founded Fundstrat, personally holds a substantial Ethereum position, making him one of the largest institutional holders of the cryptocurrency. On Wednesday, Lee said digital assets are “more relevant today given the rapidly increasing capabilities of AI and robotics,” and described Ethereum as “the most important L1” — the industry term for base-layer blockchains, such as Ethereum, that process and settle transactions on their own networks.

Lee's comments came after a BlackRock analysis titled “Re-Underwriting Bitcoin,” which examined Bitcoin's 50% decline from its October 2025 peak. BlackRock, the world's largest asset manager and sponsor of the iShares spot Bitcoin ETF, did not discuss Ethereum, robotics, or artificial intelligence in that report.

Share Repurchases Continue

Alongside its cryptocurrency accumulation strategy, BitMine has also been repurchasing its own stock. The company bought back 1.7 million common shares in the past week, bringing total repurchases under its $4 billion authorization to more than 20.8 million shares.

BMNR was still down 33% year to date through Tuesday's session. Over the same period, Strategy had fallen 39%, while Coinbase had declined about 35%.

Wednesday's advance was the largest single-day gain for cryptocurrency-linked stocks during the summer period. Even so, the move came against the backdrop of a difficult 2026 for the sector overall.

BMNR traded between $18.37 and $20.89 during the session, with volume reaching 38.41 million shares.