Bitmine Immersion climbed by 13.49 percent on Monday to finish at $17.92 apiece, after reinforcing its position as one of the market’s emerging crypto treasury firms with the recent acquisition of nearly 10,000 Ethereum tokens, while investors positioned ahead of next week’s expected passage of the Clarity Act.
The company said in a statement that it acquired an additional 9,946 ETH last week, bringing its total holdings 5.78 million units valued $11.27 million.
Optimism was further supported by the company’s confidence that the crypto asset will hit the $2,000 to $2,500 level over the near term.
”Our advisor, Tom DeMark of DeMark Analytics, sees these levels as near-term targets if the comparison of ETH to S&P 500 post-Oct 1987 continues to hold,” Bitmine Immersion Technologies Inc. (NYSE:BMNR) Chairman Thomas Lee said.
For illustration purposes only. Photo by Jonathan Borba on Pexels
Clarity Act Deadline
More analysts expect the Senate passage of the Clarity Act on August 7, ahead of the chamber’s scheduled summer recess, although President Donald Trump has already demanded the cancellation of August break to act on various priority bills.
The Clarity Act is a proposed US federal law establishing a regulatory framework for cryptocurrencies by dividing oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Its passage into law is expected to bolster the adoption and wider use of cryptocurrencies in the US.
11M Shares Repurchased
Bitmine Immersion Technologies Inc. (NYSE:BMNR) also continued with its $4 billion share repurchase program as it bets on the intrinsic value of its stock.
The strategy is straightforward: doubling down on the crypto for investors seeking increased exposure to the asset, while supporting higher shareholder value with its buyback program.
Last week alone, Bitmine bought back 6.1 million of its common shares, a boost from from the 5.5 million the week prior.
“We increased our equity buyback as we view the rising ETH/BTC ratio, despite the falling odds of passage of the Clarity Act in 2026, as a sign crypto prices are strengthening. In fact, this ratio is now at a 3-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices,” Lee said.
Hedge Funds Buy In
Institutional sentiment toward the company also strengthened in the first quarter of the year, helped by the US government’s support for the digital asset sector with the creation of new legislative proposals to govern their use.
Data from Insider Monkey showed that 33 hedge funds held positions in the firm as of the first quarter of the year, up from 28 the previous quarter.
Institutional conviction also strengthened, with their combined holdings jumping 6 percent to $700 million from $659 million quarter-on-quarter.
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