- BitMine stock price jumped after the company launched MAVAN, its staking solution.
- BMNR also jumped after Ethereum and other cryptocurrencies jumped.
- The stock has formed a falling wedge pattern, pointing to a rebound to $50.
BMNR stock price jumped by over 3% on Wednesday as Ethereum rebounded, following the company’s launch of MAVAN, its staking solution built for institutional investors. BitMine rose to $21.45, up modestly from the year-to-date low of $17.
BitMine Stock Rises After MAVAN Launch
The BMNR stock price rose slightly after the company announced the launch of Made in America Validator Network (MAVAN), which aims to provide staking solutions to institutional investors and corporates.
This staking solution will hold assets for both BitMine and other companies, creating an avenue for the company to generate revenue.
The company now holds over 3.142 million staked ETH worth about $6.8 billion. It aims to transfer these coins from Coinbase to MAVAN. When all its ETH tokens are staked, the company aims to generate over $300 million in annual revenue. In a statement, Tom Lee said:
“Because Bitmine is the largest owner of Ethereum in the world, shortly after launch, MAVAN will be the largest Ethereum staking platform in the world. We plan to expand across additional proof-of-stake networks and critical blockchain infrastructure over time.”
The BMNR stock price also jumped as Ethereum rose by over 1.52% to $2,182, which is notable given that the company currently owns over 4.66 million ETH, worth over $10.2 billion. It has bought 238,244 ETH coins in the last 30 days.
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Ethereum price rally coincided with the performance of other cryptocurrencies. Bitcoin jumped to $72,000, while the market capitalization of all coins rose by 1.2% to $2.45 trillion.
The ETH and crypto market rally is happening because of ongoing developments in the Iran-US war. In a statement on Tuesday, President Donald Trump said that the US and Iran were continuing to talk.
As a result, crude oil prices retreated on Wednesday, with Brent and West Texas Intermediate (WTI) falling by over 5%. The stock market also rebounded, with the Dow Jones Industrial Average and the Nasdaq 100 rising by over 500 and 300 points, respectively.
Still, the main risk is that Iran has denied it is in talks with the US because it believes it is winning. Also, experts believe that Trump’s 15-point demands are a non-starter for the Iranians.
BMNR Stock Price Technical Analysis
The three-day chart shows that the BMNR stock price has held steady in the past few weeks. It is stuck at the crucial support level at $20, where it has remained in this period.
The stock has formed a large falling wedge pattern, composed of two descending, converging trendlines. Also, the two lines of the Percentage Price Oscillator (PPO) have formed a bullish crossover, while the Relative Strength Index (RSI) has been rising.
Therefore, the BitMine stock price will likely have a strong bullish breakout, potentially to the important resistance level at $30. A move above that price will signal further gains, potentially to the Major S&R Pivot Point at $50.
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