BitMine Immersion shares surge 10.26% intraday as continued large-scale Ethereum accumulation cements its status as a top institutional ETH holder.

BitMine Immersion (BMNR) surged 10.26% intraday amid aggressive Ethereum accumulation and strategic institutional positioning. The company, now holding 3.73 million ETH (3% of supply), continues buying despite $4 billion in unrealized losses, signaling long-term conviction in Ethereum’s role as financial infrastructure. Recent purchases, including a $70 million ETH acquisition in November 2025, align with plans to reach 5% of the supply, bolstered by Ethereum’s Fusaka upgrade and staking infrastructure via the Made-in-America Validator Network (MAVAN). Institutional adoption trends, including Ethereum ETF approvals and tokenization growth, reinforce BitMine’s thesis. The move reflects a calculated bet on Ethereum’s macrocycle, with the firm’s $12.1 billion crypto and cash portfolio enabling sustained accumulation during market downturns. Analysts view this as a bullish signal, positioning BitMine as a key player in Ethereum’s institutionalization and potential "supercycle.