BitMine Immersion (NYSE:BMNR) stock staged a strong bullish breakout this week, reaching its highest level since May as Tom Lee’s aggressive dollar-cost-averaging (DCA) strategy began to pay off. Shares jumped to $22.83, up nearly 80% from their lowest point this year.
Tom Lee Has Been Using an Aggressive DCA on Ethereum
BitMine stock jumped this week as Ethereum (CRYPTO: ETH) jumped to $2,550, its highest level since January this year. It has soared by over 65% from its lowest level this year.
BitMine has been using the dollar-cost averaging strategy by buying Ethereum tokens as its price remained in freefall. It started this approach last July and now has 5.815 million tokens in its balance sheet. It has bought nearly 38,000 coins in the last 30 days, and if the trend continues, it will hit its 5% Ethereum buying target in the coming months.
Ethereum has rebounded because of the ongoing crypto market rally that has pushed Bitcoin (CRYPTO: BTC) and other tokens much higher. This rally happened after Scott Bessent started intervening in the bond market and after President Donald Trump met a group of senior crypto executives.
