BitMine Immersion Technologies Inc. BMNR shares climbed on Friday as markets rallied following dovish remarks from Federal Reserve Chair Jerome Powell.  

Cryptocurrencies soared after Powell hinted at possible interest rate cuts, fueling optimism across digital assets. 

Ethereum ETH/USD was up 14% and Bitcoin BTC/USD rose 3.76% at the time of publication Friday. 

See Also: President Trump Worth More Than $5.5 Billion After $100 Million In Bond Purchases While In Office

BitMine on Monday announced that its crypto holdings now consist of approximately 1.52 million ETH and 192 Bitcoin, making it the largest Ethereum treasury company and second-largest global crypto strategy behind Strategy. 

The company's ETH holdings were up more than 373,000 since BitMine reported total holdings valued at $4.96 billion last week.

"In just a week, BitMine increased its ETH holdings by $1.7 billion to $6.6 billion (adding over 373,000 tokens from 1.15 million to 1.52 million tokens), as institutional investors have expressed interest and support for our pursuit of the ‘alchemy of 5%' of ETH," said Tom Lee, chairman of BitMine.

Friday's ETH rally, triggered by risk-on sentiment and a rebound above $4,650, directly increased BMNR's asset value and attracted bullish investors. 

Options activity also rose sharply on Friday, with aggressive call buying as traders positioned for further gains. BitMine's options volume was more than double the daily average with 348,000 contracts traded and calls leading puts for a put/call ratio of 0.33, according to The Fly. 

BitMine Immersion shares ended Friday's session 12.07% higher at $53.49, according to data from Benzinga Pro. BMNR stock has gained more than 32% over the past month. 

Read Next: 

Photo: Shutterstock