BitMine Immersion Technologies Inc. (NYSE: BMNR) revealed a significant escalation in its Ethereum holdings, now amounting to 4.203 million tokens as of January 19. This translates into 3.48% ownership of the entire Ethereum supply, which totals approximately 120.7 million tokens. This milestone puts the company approximately 70% of the way toward its chairman Thomas “Tom” Lee’s target to acquire 5% of all existing Ethereum.
The disclosed portfolio value of BitMine’s combined cryptocurrency and cash assets stands at $14.5 billion. This valuation includes Ethereum tokens priced at $3,211 per unit, alongside 193 Bitcoins (CRYPTO: BTC), $22 million invested in Eightco Holdings (NASDAQ: ORBS), and a cash reserve approaching $979 million. In the past week alone, BitMine augmented its Ethereum inventory by acquiring 35,268 tokens, reflecting an aggressive accumulation strategy despite an 80% decline in its stock price since its peak of $140 in June.
At its recent annual meeting on January 15, BitMine shareholders voted decisively to approve a planned increase in authorized shares. This resolution was passed with an 81% approval rate, representing 52.2% of all outstanding shares. Management views this shareholder support as an endorsement of their accretive Ethereum accumulation approach. The company now boasts a shareholder base exceeding 500,000 individuals and has emphasized that it has not sold shares beneath the company’s modified net asset value (mNAV), an essential metric within treasury companies.
Besides expanding its cryptocurrency holdings, BitMine made a $200 million investment into Beast Industries on January 15. This strategic move is designed to gain exposure to the creator economy, centered around YouTube content creator MrBeast, who commands a bi-monthly average video viewership of 250 million, comparable to Super Bowl audience numbers. Chairman Lee highlighted MrBeast’s content usage metrics scoring 13.1, outperforming Disney's 9.7 and Netflix's 8.7, with his audience size reportedly 35% larger than Disney’s media reach and 50% larger than that of Netflix.
On the staking front, BitMine has staked 1.838 million Ethereum tokens valued at $5.9 billion, which includes a recent increase of 581,920 ETH within the past week. The company intends to stake the entire 4.2 million ETH holding via MAVAN (Made in America Validator Network), scheduled to launch in the first quarter. Projections estimate staking revenues could reach approximately $374 million annually, equating to over $1 million generated per day.
Chairman Lee articulated the rationale for focusing on Ethereum rather than Bitcoin, attributing it to Wall Street’s growing adoption of tokenization and institutional use cases built upon Ethereum’s blockchain platform. He observed that the price ratio between Ethereum and Bitcoin (ETHBTC) has been progressively climbing since mid-October, signaling investor recognition of Ethereum’s expanding institutional and tokenization applications. The Ethereum Foundation itself recently documented 35 instances of significant financial institutions building systems on Ethereum.
Despite these favorable operational updates and strategic initiatives, BitMine’s stock experienced a decline of approximately 7% on the trading day under review. The price fell below the $31 support level, which had been maintained since December, forming a descending triangle pattern between $28 and $34. This technical breakdown suggests a continuation of the bearish trend, with potential price targets near $24 to $26.
Additional technical analysis reveals that BMNR currently trades below all key moving averages: the 20-day moving average at $31.04, the 50-day at $33.95, the 100-day at $36.24, and the 200-day at $33.18. The immediate support level to watch is $28.99, with a major support at $24.43, corresponding to the December low. Should $24.43 fail to hold, the stock could slide further toward $20. On the upside, reclaiming the $31 level is crucial to reversing the current downward momentum, with significant resistance points at $34.74 and $36.37.
Overall, while BitMine demonstrates substantial asset accumulation and shareholder backing for expansion plans, the stock's technical indicators highlight ongoing volatility and downside risks amid a challenging market environment.