Bitmine (NYSE: BMNR) Immersion Surges 8% As Cantor Fitzgerald Doubles Price Target And Ethereum Climbs 7%

Shares of Bitmine Immersion Technologies (NYSE: BMNR) are climbing sharply in Friday morning trading, with the stock up 8% to $26.09 as Ethereum trades notably higher.

Ethereum has gained 7% over the past 24 hours, reaching $2,606.20, providing the primary fuel behind Friday’s single-name rally in crypto treasury stocks.

Cantor Fitzgerald doubled its price target on Bitmine stock to $63.60, up from $30.60, while maintaining an Outperform rating on the shares.

The firm also raised targets on other crypto treasury names and argued that the current crypto bear-market drawdown will likely have bottomed by October, setting a clear timeline for the sector.

The Cantor note landed ahead of Friday’s session rather than during it, meaning Ethereum’s intraday strength is the fresh catalyst, with the research call serving as supportive context in the background.

Bitmine holds an Ethereum treasury of 5.93 million tokens, which transforms the stock into a leveraged proxy for the digital asset’s price movements in both directions.

The company raises capital in public markets to purchase digital assets for its balance sheet, meaning shareholders carry exposure to both the treasury’s mark-to-market value and Ethereum’s directional moves simultaneously, with Thomas Lee running the strategy as chairman.