Bitmine Immersion Technologies Inc (NYSEAMERICAN: BMNR) jumped in premarket trading Wednesday, as Ethereum (CRYPTO: ETH) staged a recovery.
Ethereum’s bounce comes after a brutal stretch that saw the asset shed roughly 38% over the past month.
Crypto trader Don Wedge had flagged the setup, noting that ETH was sitting at a major support zone with two likely paths — either a bounce from current levels, or a sweep of key support before reversing higher.
BitMine’s Massive Accumulation
BitMine has been aggressively building its Ethereum treasury through the downturn. The company acquired 51,162 ETH for $98 million last week, lifting total holdings to approximately 4.4 million ETH — roughly 3.66% of circulating …