BMNR Stock Up 612.7% in 6 Months: Should You Still Buy It in 2026?

Bitmine Immersion Technologies BMNR, based in Las Vegas, NV, began trading on the NYSE American earlier this year. Despite recent hiccups due to many investors ignoring cryptocurrencies and related assets, shares of this Ethereum treasury company have skyrocketed more than 600% over the past six months, outperforming the Zacks Technology Services industry and fellow industry players like Bitfarms Limited BITF and AppLovin Corporation APP.  Bitfarms and AppLovin, too, have seen triple-digit gains in the same time frame.

6- Month Price Comparison

BMNR, a company operating within the Bitcoin and Ethereum network space, is currently trading well below its 52-week high of $161, which it reached earlier this year. Ethereum is the world’s second-largest cryptocurrency, and BitMine’s strategy centers on accumulating digital assets for long-term investment.

Given this backdrop and the significant price surge, investors might wonder if the opportunity to add this high-flying stock to their portfolio has passed. To answer the question, let's delve deeper and analyze in detail.

Factors Supporting BMNR

BitMine is benefiting meaningfully from the rapid expansion of stablecoins within the digital asset ecosystem. Stablecoins—cryptocurrencies typically pegged to assets such as the U.S. dollar—provide several advantages, including lower transaction costs, faster settlement, round-the-clock availability and global usability. Their price stability makes them a critical link between traditional finance and decentralized markets, supporting broader adoption of digital assets. The continued growth of the stablecoin market also drives increased activity across multiple blockchains, including Ethereum.

Earlier this year, BitMine completed a $250 million PIPE private placement to support its strategic transformation. Along with additional financing initiatives, these funds have been deployed to significantly expand the company’s Ethereum holdings. BitMine has rapidly grown its ETH treasury to approximately 3.97 million tokens, resulting in combined cash and crypto assets exceeding $13 billion, according to a recent company release. Chairman Lee stated that the company’s long-term objective is to accumulate 5% of the total ETH supply, highlighting its strong conviction in Ethereum’s long-term potential and the broader digital asset ecosystem.

Currently, BitMine owns more than 3.2 % of the total ETH supply, meaning it has already achieved two-thirds of its stated goal. By increasing its share of Ethereum supply, the company aims to support the institutionalization of capital and real-world assets on-chain, positioning itself for sustained value creation as digital assets continue to gain traction.

Most recently, BMNR acquired an additional 102,259 ETH to further strengthen its Ethereum position. As of Dec. 14, the company’s crypto holdings included 3,967,210 ETH, valued at $3,074 per ETH, 193 Bitcoin, a $38 million stake in Eightco Holdings and approximately $1 billion in total cash.

Demonstrating its commitment to shareholder returns, BitMine recently became the first large-cap crypto company to announce an annual dividend. Last month, the company declared a yearly dividend of $0.01 per share, payable on Dec. 29, 2025, to shareholders of record as of Dec. 8.

Factors Working Against BMNR

The company’s shares have fallen below their 50-day moving average, a key technical indicator used to assess market momentum and trend direction. Trading below this level typically signals bearish sentiment and can lead investors to adopt a more cautious stance.

50-day Moving Average Data of BMNR Stock

Moreover, valuation remains a sticking point for BMNR, with shares being overvalued. The company currently has a Value Score of F, suggesting stretched valuation. AppLovin and Bitfarms currently have a Value Score of D and F, respectively.

How Should Investors Approach BMNR Stock Now?

BMNR continues to benefit from its strategy of increasing Ethereum holdings, while the growing role of stablecoins in the digital asset ecosystem further supports the company’s outlook. BitMine’s shareholder-friendly approach is also a positive. Notably, the current Wall Street consensus price target of $53.5 for BMNR implies a potential upside of about 88.2% from present levels.

That said, several challenges warrant caution. The stock remains closely tied to the highly volatile cryptocurrency market, and concerns around valuation persist. In addition, the evolving regulatory environment for digital assets represents a meaningful risk to BitMine’s financial performance and long-term strategy. Ongoing technological advancements and rising competition from other blockchain networks could also weigh on the stock’s performance.

In light of these risks, we do not consider buying this Zacks Rank #3 (Hold) stock to be a prudent move at this time. Investors are better served by keeping a close watch on the company’s progress and waiting for a more favorable entry opportunity.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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