BitMine, the largest Ethereum treasury company, closed up 10% yesterday. According to Odaily, call option volume on Wednesday reached 181,684 contracts, about 25% above the stock's average daily call volume of 145,316 contracts, and several trades were flagged as unusual options activity.

Several institutional investors also disclosed larger BitMine positions recently. Marex Group increased its stake by 560.1% in the fourth quarter of last year to about 10.02 million shares, Weiss Asset Management raised its holdings by 363.6% in the first quarter of this year to about 4.32 million shares, and Morgan Stanley increased its stake by 25.8% in the fourth quarter of last year to about 12.19 million shares.