Bitmine Immersion Technologies Inc. (NYSE:BMNR) saw its share price climb 98.57 percent in the third quarter—grabbing the third spot among the period’s top-performing stocks—driven largely by its Ethereum shopping spree and the cryptocurrency’s 71 percent surge in the same quarter.
In its latest filing, the ETH-heavy treasury firm said it held 6.001 million ETH in its portfolio as of September 28, up 5 percent from 5.70 million units in the second quarter.
The value of its third-quarter holdings totaled $16.2 million, including 17,362 ETH purchased in its latest transaction.
Meanwhile, Ethereum climbed to $2,683.68 as of end-September—an easy 70.9 percent jump from only $1,569.58 in the second quarter of the year.
“This is a tremendous achievement, accumulating this total in under 15 months. We are already seeing the synergies and positive network effects from our accumulating nearly 5 percent of ETH total supply,” Bitmine Immersion Technologies Inc. Chairman Thomas Lee said.
For illustration purposes only. Photo by Nick Chong on Unsplash
Bull Market Underway
The acquisition was backed by the company’s optimism for a continued surge in Ethereum prices by the end of the year, with Lee saying that institutions remained “underweight” on cryptocurrencies.
“We expect them to be adding to their exposure in the final months of 2026,” he said.
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Govt Backing
The surge was primarily driven by the United States’ backing of the cryptocurrency industry since President Donald Trump returned to the White House last year, with the government actively working to position the country as the “crypto capital of the world.”
Days after returning to office, Trump immediately issued an executive order which aimed to strengthen American leadership in digital financial technology. This was followed by landmark legislation called the Genius Act and Clarity Act, which were aimed at establishing a regulatory framework for stablecoins, albeit the latter was blocked by the Senate just last month.
Meanwhile, under the Biden administration, the cryptocurrency has experienced an enforcement-heavy approach amid a combination of consumer protection concerns, financial stability risks, and policy priorities across government regulators.
More Hedge Funds Exit in Q2 Despite Crypto Surge
Institutional sentiment appeared to have weakened for Bitmine Immersion Technologies Inc. in the second quarter of the year, amid macroeconomic uncertainties from the war between the US and Iran.
Data from Insider Monkey showed that only 25 hedge funds held positions in the stock during the period, down markedly from 33 in the first quarter of the year.
More notably, their collective holdings fell by 63 percent to $256.6 million from $700 million quarter-on-quarter.
Of its three largest hedge fund holders, Cathie Wood-led ARK Investment ranked first at $117 million, followed by Citadel Investment with $85 million, and Marshall Wace with $54 million.
As figures predate third-quarter numbers, upcoming 13F filings will be critical in determining whether the subsequent surge in Ethereum prices helped reignite institutional buying interest.
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