Gate News, March 18 — BitMine (BMNR) stock has recently been on a strong upward trend, with a nearly 14% increase in a single day on March 16, breaking through the $23 mark. The stock has gained approximately 16% this month. This movement is closely related to the Ethereum assets it holds. Data shows that BitMine owns about 4.6 million ETH, worth roughly $11.5 billion, while Ethereum has increased about 13% this month, providing a solid foundation for the stock’s rise.
It is noteworthy that there is a temporary mismatch between BitMine’s stock price and Ethereum’s price. Since Ethereum is traded 24/7, while BMNR is limited to traditional market hours, during the weekend of March 15–16, Ethereum rose about 7%, but BMNR did not reflect this increase in real-time. This “time lag” has caused the correlation between the two to decline, with the current correlation coefficient around 0.28 and a beta value dropping to -0.42, indicating a short-term decoupling.
In this mismatch environment, institutional funds are quickly capturing arbitrage opportunities. On-chain and trading data show that buying pressure has significantly increased, with trading volume rising to 1.72 times the 20-day average, driving BMNR to catch up within a single trading day. Similar patterns occurred in September 2025, December 2025, and February 2026, typically when the stock price was undervalued relative to Ethereum’s value.
Technical signals also show positive signs. The RSI indicator exhibits a classic bullish divergence, with prices making new lows while momentum indicators rise, suggesting weakening selling pressure. Additionally, the options market shows increased bullish sentiment, with the put/call ratio remaining below 0.5, indicating funds are favoring long positions.
However, key resistance remains near $24. This level coincides with the 50-day moving average and the upper boundary of the upward channel, serving as a core level for trend confirmation. If the daily close effectively breaks above $24, BitMine’s stock could further rise to the $26 or even $31 range; otherwise, it may continue to consolidate.
Against the backdrop of Ethereum’s continued strength, the relationship between BitMine’s stock and ETH, arbitrage trading strategies, and key technical breakout levels will be the main variables to watch in the market moving forward.
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