Shares of BitMine Immersion Technologies Inc. (BMNR) soared 13.48% in pre-market trading on Friday, as investors reacted positively to the company's strategic shift in its cryptocurrency holdings. The significant move comes amid a broader rally in the crypto market, with Bitcoin reaching new all-time highs.

According to recent reports, BitMine has made a major change to its corporate treasury strategy by reallocating a large portion of its holdings to Ethereum. This decision aligns with predictions from several Wall Street firms that view Ethereum as the infrastructure of the future internet, particularly given its crucial role in decentralized finance (DeFi), NFTs, stablecoins, and Layer 2 scaling solutions.

The timing of BitMine's strategic shift appears fortuitous, as the broader cryptocurrency market is experiencing a significant upturn. Bitcoin has breached the $116,000 mark for the first time, with options traders already eyeing the $120,000 level. Additionally, Bitcoin ETFs saw a net inflow of $1.2 billion on Thursday, indicating strong institutional interest in the crypto space. BitMine's move to diversify into Ethereum could position the company to capitalize on the growing enthusiasm for blockchain technologies beyond Bitcoin.