BitMine Shares Jump 12% on Short Squeeze as B. Riley Raises Target to $33
BitMine stock surged 12% to $19.78 on March 31 after its put-call volume ratio collapsed from 1.04 to 0.52, signaling a short squeeze rather than fresh buying. It added 71,179 ETH last week, raising holdings to 4.73 million ETH and spurring a target increase from $30 to $33.
1. Stock Rally and Short Squeeze
BitMine stock jumped 12% to close at $19.78 on March 31, marking its largest single-day gain in months. The move coincided with a dramatic drop in its put-call volume ratio, pointing to traders covering bearish bets rather than new bullish inflows.
2. Options Positioning Details
Between March 27 and March 31, the volume ratio fell from 1.04 to 0.52 while open interest remained steady at 0.47, indicating that existing bearish positions were unwound. This collapse in put-call volume drove the price spike, consistent with a classic short squeeze scenario.
3. ETH Treasury Growth and Price Target
BitMine added 71,179 ETH last week—its largest weekly purchase of 2026—bringing total holdings to 4.73 million ETH (3.92% of circulating supply) and lifting its crypto and cash treasury to $10.7 billion. B. Riley raised its price target to $33 from $30, citing the launch of the MAVAN institutional staking platform, 67% staking participation and potential annualized rewards of $285 million at full deployment.