Bitmine Immersion Technologies (BMNR -1.63%) rallied 5.9% on Wednesday to close at $62.44, extending its recent gains on a sharp uptick in trading volume. More than 128 million shares changed hands--nearly five times the company's three-month average--suggesting growing interest in the crypto infrastructure space. The stock remains well off its 52-week high of $161.00 but has recovered dramatically from its low of $1.93 earlier this year.
Markets broadly advanced, with the Nasdaq Composite gaining 1.4% and the S&P 500 rising 1.1%, lifted by encouraging inflation data and renewed risk appetite across tech and growth sectors.
Bitmine outperformed other crypto-exposed names, with Riot Platforms (RIOT 1.18%) rising 2.8% and Marathon Digital Holdings Inc (MARA 0.89%) up just 0.4%. Traders appear to favor Bitmine's differentiated positioning in immersion cooling infrastructure -- a technology increasingly adopted by large-scale Bitcoin (BTC 2.27%) miners and artificial intelligence (AI) server operators.
Investor interest followed Bitmine's announcement that it plans to issue up to $20 billion worth of new stock to purchase additional Ethereum (ETH 2.52%) for its corporate treasury. The move, which would represent one of the largest public crypto accumulation strategies to date, reflects the company's aggressive bet on Ethereum's long-term value and potential to serve as a foundational asset for its infrastructure and liquidity goals.
