Bitcoin Tops $85,000 as Crypto Rally Puts BitMine, Coinbase and Robinhood Stocks in Focus
Key Takeaways
- •Bitcoin surpassed $85,000 for the first time since January, lifting the total crypto market value back toward the $3 trillion level.
- •BitMine Immersion Technologies has gained 122% from its yearly low and holds nearly 6 million ETH as the Ethereum holder, with its stash now valued above $16.4 billion.
- •Coinbase shares reached $200, their highest level since May 14, supported by expected stablecoin growth through its Circle partnership, rising ETF inflows, and balance-sheet holdings of 17,311 Bitcoin and 150,900 ETH.
- •Robinhood Markets has jumped 94% from its lowest point of the year, and a sustained crypto rally could help reverse several quarters of steep revenue decline.
- •Technical setups—a bullish flag and near-term golden cross for BitMine and a megaphone pattern for Robinhood—suggest possible further gains, with potential targets of $30 and $150 respectively.
Crypto-linked equities moved higher as Bitcoin and major altcoins extended their September recovery. Bitcoin climbed above $85,000 to reach its highest level since January, while the broader crypto market moved back toward the $3 trillion mark. Because these companies earn revenue from trading activity and hold digital assets on their balance sheets, their share prices tend to track token prices closely, which is why the durability of the rebound matters to equity investors as much as its size. The rebound supported companies with direct exposure to cryptocurrency prices, trading activity and digital-asset treasuries, and there are signs that a crypto bull run is in its early stages. Among the names drawing particular attention are BitMine Immersion Technologies (BM), Coinbase and Robinhood Markets.
BitMine Immersion Technologies
BitMine has been among the standout performers during the rebound. BMNR shares have rallied in recent days, breaking above the upper boundary of a bullish flag pattern and reaching their highest level since January. The stock is now up 122% from its lowest point of the year.
The company has several major catalysts ahead in the coming weeks or months. First, it is approaching the end of an Ethereum accumulation program that has run for the past 12 months. Those purchases have made BitMine the largest Ethereum holder, with nearly 6 million tokens, and the company is expected to halt the dilution used to fund its buying in the coming days. As a digital-asset treasury company, BitMine ties shareholder returns directly to the value of its token holdings, so a shift from balance-sheet expansion to simply holding its position would mark a structural change in how the business operates.
Second, the value of BitMine's Ethereum holdings has climbed to more than $16.4 billion, up from a recent low of less than $10 billion. That figure would rise further if ETH continues to rebound.
Third, revenue has room to grow through staking. Staking rewards are paid to participants who lock up ETH to help validate transactions and secure the Ethereum network, and with ETH offering a staking yield of roughly 2.7%, the company's holdings would generate staking rewards of about 162,000 ETH, an amount that would increase if the Ethereum rally continues.
On the technical side, BMNR has formed a bullish flag pattern, which consists of a vertical price move followed by a horizontal channel. The stock is also close to forming a golden cross, in which the 50-day moving average crosses above the 200-day, as the spread between the two narrows. These signals suggest the shares could continue rising in the near term. If that plays out, the stock could jump to $30 and above.
Coinbase
Coinbase is another company that may benefit from the ongoing crypto market rally. Its stock has climbed to $200, its highest level since May 14.
The analysis identifies several reasons the exchange stands to gain. First, stablecoin demand is expected to jump, benefiting one of Coinbase's most profitable businesses through its partnership with Circle, a revenue stream tied to stablecoin adoption rather than to daily trading volume. Second, the company holds 17,311 Bitcoin and 150,900 ETH on its balance sheet, positions that should keep improving in value in the near term. Third, transaction volume is expected to rise as investors rotate back into cryptocurrencies. Most notably, ongoing ETF inflows are expected to boost the company's service revenues; US-listed spot crypto ETFs have become a significant channel for investor flows into the asset class since their 2024 debut.
Robinhood Markets
Robinhood Markets is also among the stocks in focus as the rally accelerates. The stock has already jumped 94% from its lowest level this year, and the move may continue in the near term because the platform is one of the biggest handlers of crypto transactions.
A crypto comeback would be especially significant for the company, which has been one of the top laggards in its industry. Its revenue has been in a steep decline over the past few quarters. Crypto trading volumes are strongly cyclical, expanding when retail participation picks up during rallies, which keeps the platform's crypto business closely tied to the market's direction.
Technically, Robinhood shares have formed a megaphone pattern consisting of two rising, diverging trendlines, a formation that typically leads to more upside. The stock has also remained above its 50-day and 100-day moving averages. A surge could push it toward the key resistance level at $150.
This article is for informational purposes only and does not constitute financial or investment advice. Equity and cryptocurrency investments involve risk, and technical targets do not guarantee future performance.
This article is based on a report originally published on The Market Periodical.
