Strategy (MSTR), BMNR Stocks Surge as Bitcoin and Ethereum Rally

Crypto-linked stocks jumped sharply as Bitcoin moved back above $81,000 and Ethereum climbed above $2,500. Strategy (MSTR) led the rally, rising 17.56% to close at $144.82, helped by its latest Bitcoin purchase and bullish Wall Street ratings. 

Meanwhile, Bitmine Immersion Technologies (BMNR), one of the largest corporate holders of Ethereum, also surged more than 15%.

Strategy MSTR Stock Jumps 17.5%

Sentiment turned bullish after Michael Saylor’s Strategy ended its 10-week buying pause and purchased 4,603 BTC for $370 million.

The company also spent $151.8 million buying back 1,557,177 STRC preferred shares, while $50.7 million went toward STRC dividend payments and another $30 million was added to cash reserves.

Following this, Bitcoin price jumped over 6%, and that gave MSTR stock another boost as investors continued to use the stock for exposure to Bitcoin.

Strategy received another boost from its partnership with Google Cloud, which includes a seven-city U.S. executive forum series focused on enterprise AI and secure database tools. The partnership adds a business growth angle beyond Bitcoin.

Meanwhile, B. Riley Securities raised its MSTR price target to $175, pointing to the long-term value of Strategy’s Bitcoin-focused treasury strategy.

Bitmine (BMNR) Stocks Jump 15% as ETH Price Rally

MSTR is not the only crypto-linked stock gaining momentum. Bitmine Immersion Technologies (BMNR) shares jumped 14.70% to close at $26.45 as investors focused on the company’s growing Ethereum holdings.

While Strategy has become the leading corporate proxy for Bitcoin, BMNR is building a similar position around Ethereum. Last week, the company bought 53,501 ETH for $131.3 million, marking its largest purchase push since June.

The latest buying increased Bitmine’s total Ethereum holdings to 5.90 million ETH, bringing its total digital asset and cash holdings to around $15.6 billion. The company is also targeting ownership of 4.9% to 5% of Ethereum’s total circulating supply.

$4B Buyback Plan Adds to BMNR’s Momentum

BMNR is also expanding its stock buyback plan. The company approved a fourfold increase in its share repurchase authorization to $4 billion, giving it more room to support its stock while growing its Ethereum treasury.

Its recent uplisting to the New York Stock Exchange has also helped attract deeper institutional liquidity, with its market-to-net asset value (mNAV) ratio currently around 0.94x.

Meanwhile, Ethereum also gained momentum, rising 5.5% to trade above $2,528. The ETH rally, combined with BMNR’s continued buying, is giving investors another reason to watch the Ethereum-focused company.