BMNR
The ETH piggy bank keeps getting bigger
Bitmine Immersion Technologies is still doing what it does best: buying Ethereum and then buying some more. The company said it picked up 27,562 ETH last week, bringing its total pile to 5.98 million ETH — worth roughly $16.08 billion at current prices.
That’s not a typo. Bitmine now says it controls about 4.9% of Ethereum’s total supply and is 98% of the way to its 5% target. At this point, the company isn’t just running a treasury strategy; it’s basically becoming a very expensive Ethereum-themed savings account.
Tom Lee says the bull market is already rolling
Chairman Tom Lee is waving the green flag even harder, calling the crypto bull market "underway" and pointing to Ethereum’s Q3 outperformance as proof. He argued institutions are still underweight crypto and could pile in during the final three months of 2026.
A few nuggets worth keeping on your radar:
- Bitmine says it has bought ETH every week since launching the strategy on June 30, 2025.
- It reports $17.1 billion in total crypto plus cash holdings.
- About 5.07 million ETH is staked through its MAVAN platform, with projected annualized staking revenue of $357 million.
Why the stock moved
BMNR climbed 6% Monday and punched through the $24 area that had been acting like a ceiling since February. For traders, that matters because the stock is behaving less like a sleepy small-cap and more like a high-beta crypto lever play — meaning every ETH headline can send it sprinting.
The broader setup is simple: if Ethereum keeps catching a bid and Bitmine keeps stacking coins, BMNR stays front and center in the "crypto treasury" trade. Big picture: sometimes the market doesn’t reward subtlety, it rewards the company that keeps saying, "Yes, one more Ethereum, please."