In recent trading activity, Bitmine Immersion Technologies Inc. (NYSE: BMNR) significantly increased its Ethereum holdings by purchasing 32,977 additional ETH tokens. This strategic accumulation elevates Bitmine's total Ethereum assets to approximately 4.144 million ETH, valued at around $13.2 billion at prevailing prices. Bitmine's ownership now represents roughly 3.43% of the total Ethereum supply, which consists of 120.7 million tokens in circulation.
The company has set an ambitious target known as the “Alchemy of 5%,” aiming to acquire 5% of all Ethereum tokens. With its current holding, Bitmine is about two-thirds of the way to this goal. This accumulation exemplifies Bitmine's broader strategy to position itself as a leading crypto treasury entity.
Expanding beyond Ethereum, Bitmine's overall portfolio reflects continued growth, encompassing total crypto and cash holdings valued at $14.2 billion. These holdings include approximately 192 Bitcoin (BTC), a $25 million equity stake in NASDAQ-listed Eightco Holdings (NASDAQ: ORBS), and nearly $915 million in cash reserves. Ethereum remains the centerpiece of Bitmine's assets, with current prices approximately $3,196 per token.
Thomas “Tom” Lee, Chairman of Bitmine and founder of Fundstrat, remarks that despite a deceleration in equity and crypto market activity in late 2025, the company remains the foremost "fresh money" purchaser of Ethereum globally. This statement underscores Bitmine's commitment to expanding its Ethereum treasury amidst evolving market conditions.
Bitmine is also intensifying its staking operations, currently holding 659,219 ETH in staked form, valued near $2.1 billion. This represents an increase of 250,592 tokens staked within the past week, signaling a meaningful scaling of staking-based revenue streams. Staking, which involves locking tokens to support blockchain operations in exchange for periodic returns, offers Bitmine a pathway toward recurring income.
The composite Ethereum staking rate (CESR) stands at roughly 2.81%. When Bitmine eventually stakes its entire Ethereum portfolio through its Made in America Validator Network (MAVAN) infrastructure and associated partners, the anticipated annual revenue from staking fees could reach approximately $374 million. This equates to daily staking fees exceeding $1 million.
The MAVAN network is positioned to become a “best-in-class” staking infrastructure, with deployment scheduled for early 2026. This initiative aligns with Bitmine's strategic objective to capitalize on staking economics as a significant revenue contributor.
Looking ahead to 2026, several catalysts are identified for Ethereum's potential growth trajectory. These include supportive regulatory stance by the U.S. government towards cryptocurrencies, Wall Street's growing acceptance of stablecoins and tokenization technologies, enhanced demand for authentication and provenance verification driven by advancements in artificial intelligence, and increasing adoption rates of cryptocurrencies among younger demographic cohorts.
Additionally, Thomas Lee highlights that the strong performance of commodities and precious metals throughout 2025 could bode well for cryptocurrency valuations in 2026, given the historical tendency of crypto assets to track movements in metal prices.
From a market trading perspective, Bitmine maintains a leadership position among crypto treasury peers through rapid growth in its net asset value and robust trading liquidity of BMNR shares. The stock trades with an average daily dollar volume of $980 million over the past five trading days, ranking as the 44th most actively traded stock in the U.S. This places BMNR ahead of major companies like Home Depot and trailing only IBM among the over 5,700 U.S.-listed stocks.
Technically, BMNR stock shows promising signals after recent tests of critical support near $28.99. The equity price has risen by approximately 3.37% in recent trading, attempting to reclaim the 20-day exponential moving average (EMA) situated around $30.02, a key short-term resistance. Chart patterns suggest the formation of a potential inverse head and shoulders setup, with the neckline defined near $34.09, typically an indicator signaling possible bullish reversals.
Additional overhead resistance is marked by the 100-day EMA at $36.65 and the 200-day EMA at $37.50, which have acted as significant caps on past rally attempts. Should BMNR break through these levels, higher price targets come into focus at $35.65 and then in the $37.50 to $40 range, with a more extended breakout above $44 potentially paving the way toward $56.
Conversely, downside risk remains well defined, with support layers at $30.02 and a critical support floor at $28.99. Should the price fall below these thresholds, a further decline toward $24.43 becomes a concern for investors.
| Key Points |
|---|
| Bitmine increased Ethereum holdings by 32,977 ETH, now owning 3.43% of total supply. |
| Total crypto and cash portfolio value at $14.2 billion, including Bitcoin, equity, and cash. |
| Staked Ethereum tokens have grown to 659,219 ETH, targeting $374 million in annual staking revenue. |
| BMNR stock holds critical technical support with bullish patterns forming, supported by high trading liquidity. |
| Risks and Uncertainties |
|---|
| Stock price support at $28.99 is a critical floor; breach could lead to significant downside to $24.43. |
| Overall slowing equity and crypto market activity could impact Bitmine’s ability to expand holdings rapidly. |
| Staking revenue depends on full deployment and scale of Ethereum assets through MAVAN and partners. |
| Resistance levels at 100-day and 200-day EMAs could cap short to medium-term stock price appreciation. |