BMNR
Crypto spring, apparently
BitMine Immersion decided the dip was for buying, not for panicking. The company said it picked up 126,971 ETH, roughly $214 million worth, which makes it its biggest weekly Ethereum buy of 2026 and about triple the prior week’s pace.
That’s a pretty loud pivot after the company had been hinting at slowing accumulation. Instead, it’s now back on the gas, with total ETH holdings at 5.54 million tokens — or 4.59% of Ethereum’s total supply. In other words: this isn’t a side quest anymore. It’s the whole game.
Why investors are watching BMNR like a hawk
Chairman Tom Lee said the company thinks the pullback in ETH doesn’t match Ethereum’s fundamentals, and that BitMine is still aiming to own 5% of the circulating supply. That puts the company at about 92% of its target, which is either impressive conviction or a very expensive love letter to crypto.
The company also says its staking machine is humming:
- 4,718,677 ETH staked through its MAVAN platform
- annualized staking revenue projected at about $230 million at current yields
- long-run staking rewards could approach $270 million if scale keeps building
The stock market part, because yes, there is one
BMNR itself got wild below the $16 level before bouncing back to $16.58. Traders are treating that area like a trapdoor: lose it on a daily close, and the next stop could be $14 to $13. Reclaim the 20-day EMA and the bulls get another shot.
Big picture: BitMine is turning into an Ethereum treasury whale with a stock price attached. If ETH keeps wobbling, BMNR will feel it fast. If ETH bounces, the company gets to look like a genius with a very large shopping cart.