BitMine Immersion Technologies Inc. (BMNR) saw its stock price soar 7.28% during intraday trading on Wednesday.

The significant move was primarily driven by the company's aggressive accumulation of Ethereum. Last week, BitMine purchased 101,627 Ethereum, valued at approximately $230 million, marking its largest single-week acquisition in 2026. This strategic buying spree has increased the company's total holdings closer to 5% of Ethereum's circulating supply, signaling strong conviction in digital assets and attracting investor attention.

Additionally, the rally was supported by a positive sentiment shift across the cryptocurrency sector. Major crypto stocks gained ground following the U.S. announcement of a ceasefire extension with Iran, which helped reduce near-term geopolitical uncertainty for risk assets, contributing to the broader market uplift.