BMNR
Another week, another ETH shopping spree
Bitmine Immersion Technologies is still doing its best impression of a crypto whale with a brokerage account. According to Monday’s press release, the company bought 15,112 ETH last week, taking total holdings to 6,016,414 tokens worth roughly $16.4 billion at the quoted price.
That’s not a side quest. Bitmine says its ETH pile now equals about 4.9% of Ethereum’s supply, and it’s been buying every week since launching its treasury strategy on June 30, 2025. The pace was a touch slower than the 17,362 ETH it added the week before, but when your shopping cart is measured in billions, “slower” is doing a lot of work.
The stock pitch is basically: trust the hoard
Chairman Tom Lee is leaning hard into the thesis that Bitmine has been holding up while crypto wobbled. He says BMNR fell just 3% in the first nine months of 2026 even as ETH dropped 10%, and he’s also pointing to the company’s giant share buyback — 21 million shares retired this year — as another reason the stock has outperformed.
There’s also the staking angle, because apparently one pile of Ethereum wasn’t enough. Bitmine says 5.07 million ETH is staked, which it pegs at $13.8 billion in value and $363 million in annual staking revenue. Translation: the company isn’t just sitting on digital gold; it wants the yield too.
What traders are watching next
Lee is set to speak at Token2049 in Singapore on Oct. 7 at 10 a.m. for a 20-minute keynote, and Bitmine will also drop its October Chairman’s Message this week with the wonderfully confident title, “Crypto bull underway: this cycle likely the largest.”
Technically, BMNR is parked right at its 20-day EMA and Bollinger basis, which means the chart crowd sees a decision point: either buyers keep defending this level or the stock takes a little nap. Big picture: Bitmine is turning itself into a leveraged Ethereum vault, and that kind of story can work great — until the music changes.