BitMine Immersion (BMNR) Surges 10.8% on Record ETH Holdings and Fusaka Upgrade Hype: Is This the Catalyst for a New Bull Run?

Summary
• BitMine Immersion (BMNR) trades at $32.07, up 10.8% intraday, with a 52-week high of $161 and low of $3.92.
• The company announced 3.73 million ETH holdings ($11.2B) and $882M in unencumbered cash, positioning it as the largest ETH treasury.
• The Fusaka upgrade (Dec 3) and Fed policy shifts (QT end, rate cuts) are cited as key catalysts for ETH and BMNR.

BitMine Immersion’s stock has erupted on news of record Ethereum accumulation and anticipation of the Fusaka upgrade. With $12.1B in crypto and cash holdings, the company’s aggressive ETH buying spree—accelerated by 39% weekly—has ignited investor fervor. The stock’s 10.8% intraday surge reflects optimism around Ethereum’s scalability improvements and macroeconomic tailwinds.

Ethereum Treasury Expansion and Fusaka Upgrade Fuel BMNR’s Volatility
BitMine Immersion’s 10.8% intraday rally stems from its announcement of 3.73 million ETH holdings (3.0% of supply) and $12.1B in total crypto and cash assets. The company’s strategic timing—amid the Fusaka upgrade (Dec 3) and Fed policy shifts—has amplified investor enthusiasm. CEO Tom Lee emphasized the upgrade’s potential to boost Ethereum’s scalability and security, while the Fed’s December rate cuts and QT reversal are seen as tailwinds for crypto. Additionally, BMNR’s status as the 39th most traded U.S. stock ($1.7B daily volume) and institutional backing from ARK and Pantera reinforce its liquidity-driven momentum.

Blockchain Sector Rally Gains Momentum as MSTR and BMNR Lead Charge
The blockchain sector has surged, with Strategy (MSTR) up 7.2% intraday, reflecting broader optimism around Ethereum’s post-Fusaka potential. BMNR’s 10.8% jump aligns with the sector’s momentum, as investors bet on Ethereum’s network upgrades and macroeconomic tailwinds. While MSTR’s Bitcoin-focused model differs, both companies benefit from the same institutional interest and regulatory clarity themes. BMNR’s Ethereum-centric strategy, however, positions it uniquely to capitalize on the Fusaka upgrade’s scalability gains.

Options and ETFs to Capitalize on BMNR’s Volatility and Sector Momentum
• RSI: 32.78 (oversold)
• MACD: -4.76 (bearish), Signal: -4.96, Histogram: 0.20 (bullish divergence)
• Bollinger Bands: Upper $45.53, Middle $34.59, Lower $23.66 (price near lower band)
• 200D MA: N/A
• Support/Resistance: 28.78–29.34 (30D support)

BMNR’s technicals suggest a short-term rebound after hitting 30D support. The RSI at 32.78 indicates oversold conditions, while the MACD histogram’s positive divergence hints at a potential reversal. Key levels to watch: $32.07 (current), $30.50 (Dec 12 call/put strike), and $34.59 (middle Bollinger Band).

Top Options Picks:
• BMNR20251212C32 (Call, $32 strike, Dec 12 expiry):
- IV: 105.64% (high volatility)
- Leverage Ratio: 12.31% (moderate)
- Delta: 0.57 (moderate sensitivity)
- Theta: -0.1658 (rapid time decay)
- Gamma: 0.0658 (high sensitivity to price moves)
- Turnover: $377,897 (high liquidity)
- Payoff (5% upside): $1.60 per contract (max(0, 33.67 - 32)).
This call option offers high gamma and IV, ideal for a short-term rally if BMNR breaks above $32.50.

• BMNR20251212P30.5 (Put, $30.50 strike, Dec 12 expiry):
- IV: 124.16% (extreme volatility)
- Leverage Ratio: 18.06% (high)
- Delta: -0.34 (moderate downside sensitivity)
- Theta: -0.0689 (slow time decay)
- Gamma: 0.0524 (moderate sensitivity)
- Turnover: $30,462 (moderate liquidity)
- Payoff (5% downside): $1.33 per contract (max(0, 30.50 - 30.43)).
This put offers high leverage for a potential pullback, though liquidity is lower than the call.

Action: Aggressive bulls should target BMNR20251212C32 if the stock breaks $32.50. Conservative traders may short BMNR20251212P30.5 if the $30.50 support holds.

Backtest BitMine Immersion Stock Performance
Below is the event-study back-test for BMNR after single-day surges of 11 % + from 2022-01-01 through 2025-12-02.Key take-aways (summary):• 12 qualifying events found. • Average next-day gain after a surge: ≈ +15.7 %, with an 83 % win-rate. • Gains fade rapidly—by day 5 the average event return turns negative (-10 %). • From day 7 onward, event returns remain negative while the benchmark keeps rising, implying mean-reversion dominates after initial jump. • No horizons show statistically significant alpha relative to the benchmark. • Practical implication: momentum fades quickly; consider very short-term profit-taking (1–2 days) rather than holding.Feel free to explore the interactive chart above for full day-by-day performance details.

BMNR’s Rally Hinges on Fusaka Upgrade and Fed Moves: Position Now for Volatility
BitMine Immersion’s 10.8% surge is a high-stakes bet on Ethereum’s post-Fusaka future and macroeconomic tailwinds. With $12.1B in crypto and cash assets, the company’s thesis hinges on ETH’s scalability gains and the Fed’s December rate cuts. Investors should monitor the $32.50 breakout level and the Dec 12 options expiry for directional clarity. Meanwhile, Strategy (MSTR)’s 7.2% gain underscores the sector’s momentum. For BMNR, the Fusaka upgrade and institutional buying (ARK, Pantera) are critical catalysts—position now to capitalize on the next leg of volatility.