In a stunning week for crypto equities, Bitmine Immersion Technologies (BMNR) stole the headlines with a jaw-dropping 3,000% spike following news of a $250 million private placement to build an Ethereum (ETH) treasury.
Bitmine official Twitter update on Q1 2025 revenue and mining capacity expansion:
"$BMNR reports a 135% revenue increase YOY for Q1 2025 and tripled self-mining capacity with 3,000 new miners!"
This bold move from Bitcoin mining to an Ethereum-focused treasury strategy at the hands of Fundstrat's Tom Lee as new chairman has been drawing investors' eyes and sending Bitmine's stock from around $4.50 to over $135 in days.
The surge is one of a broader crypto mining stocks rally throughout 2025, which as a group have outperformed Bitcoin and traditional assets. Crypto stocks have surged 119% year to date, with miners like Riot Platforms, Hive Digital, Hut 8, MARA Holdings, and Bitfarms posting double-digit returns of 13% to 28% in recent sessions, as per recent news.
The rally has been driven by encouraging macroeconomic trends, such as the improved-than-expected U.S. job growth, which has supported risk-on mood in the equity markets.
Ethereum Treasury Strategy: The Catalyst Behind Bitmine's Meteoric Rise
Bitmine's devotion of its treasury nearly wholly to Ethereum is a strategic decision in accordance with growing institutional demand for ETH as a hold asset for reserve purposes. Its $250 million fundraise assembled crypto heavyweight investors in the guise of Founders Fund, Pantera Capital, Galaxy Digital, and Kraken.
Bitmine is attempting to mimic MicroStrategy's Bitcoin treasury strategy but in Ethereum, claiming proxy status for public exposure to ETH.
This move is part of a broader trend of companies placing Ethereum in their treasury strategies, driven by the rise in stablecoins, tokenization, and fresh DeFi use cases. Institutional ETH holding reached all-time highs, with wallets holding over 22 million ETH through June 2025, up 36% in one month.
Mining Stocks vs. Bitcoin
While Bitcoin mining stocks historically have tracked Bitcoin price action, 2025 has seen them beating Bitcoin itself, anticipating adoption and profitability optimism in digital assets. The VanEck Digital Transformation ETF, which tracks cryptocurrency-related companies including miners, has gained more than 20% year-to-date.
Bitcoin's hashprice — the revenue miners earn per unit of computational capacity — also increased recently, rising nearly 10% to approximately $58 per PH/s/day, which indicates better mining economics with rising Bitcoin prices and network changes.
The improvement adds validity to valuations of mining shares but also highlights the industry's underlying volatility.
What Investors Should Watch
While the euphoria grips, analysts are warning against caution. Bitmine's rally is a reminder of Sharplink Gaming's earlier spike and subsequent fall, whose shares also fell precipitously after insiders sold out. The speculative nature of crypto equities and the price volatility mean that investors must scrutinize fundamentals and market conditions before riding gains.
This crypto mining stock rally, led by Bitmine's historic 3,000% jump, signals an active transformation in the manner in which mining companies and investors are queueing up for the emerging crypto market in 2025.
While there may be vast upside potential, the whiplash volatility and speculation risks call for guardedly strategic approach as the sector keeps unfolding.
