Shares of Bitmine Immersion Technologies surged 17.6% to close at $20.47 on Friday, snapping a four-day losing streak. The rally coincided with a significant rebound in the broader cryptocurrency market, where bitcoin and ether each gained over 10%.
The company's stock price is closely tied to its substantial digital asset treasury, which as of a recent update included 4,285,125 ether and 193 bitcoin. Executive Chairman Thomas Lee noted the firm has been a steady buyer of Ethereum during recent price pullbacks.
Friday's trading session saw approximately 74 million Bitmine shares change hands, with the stock swinging between $18.70 and $20.70. This followed a decline that had pushed shares as low as $17.40 earlier in the week.
Despite the price recovery, demand for downside protection in cryptocurrency options markets remained elevated. Analysts noted that reduced liquidity in crypto markets could lead to sharper and more erratic price movements.
Investors now face a busy economic calendar, with key U.S. data on retail sales, employment, and inflation scheduled for release in the coming week. These reports could influence interest rate expectations and risk sentiment, potentially spilling over into cryptocurrency markets.
The immediate focus will be on weekend cryptocurrency price action, which is likely to set the tone when U.S. equity markets reopen on Monday. Bitmine's next official results date is scheduled for April 29.
