BitMine (BMNR) Increases ETH Buying Rate as Tom Lee Flags Crypto Bottom

TLDR

• BitMine bought 60,976 ETH last week — its biggest weekly purchase of 2026
• Total holdings now exceed 4.5 million ETH, worth over $9 billion
• Unrealized losses on the position sit at roughly $7.8 billion
• Chairman Tom Lee says crypto is in the “late/final stages” of a mini crypto winter
• BMNR stock rose over 4% Monday, retesting resistance at $20

BitMine Immersion Technologies (BMNR) picked up the pace of its Ethereum buying last week, snapping up 60,976 ETH — its largest weekly haul in token terms so far this year.

Bitmine Immersion Technologies, Inc., BMNR

The purchase cost around $120 million at current prices. It pushed BitMine’s total ETH holdings past 4.5 million tokens, or 3.76% of Ethereum’s entire supply.

Those holdings are now valued at more than $9 billion. The catch? BitMine is sitting on an unrealized loss of around $7.8 billion on the position, according to data from DropsTab.

The company has been steadily accumulating throughout the market downturn. Previous weekly buying was running at roughly 45,000 to 50,000 ETH.

Chairman Thomas Lee explained the decision to step up purchases. He pointed to market signals that suggest a potential bottom may be forming.

BitMine’s long-term target is to own 5% of Ethereum’s total supply. At 3.76%, it’s edging closer to that goal.

Staking Revenue Growing

The firm has staked 67% of its Ethereum holdings and is earning $174 million in annualized staking revenue. If it stakes all remaining tokens, that figure could rise to $259 million per year.

BitMine also holds 195 Bitcoin, worth over $13 million, a $200 million investment in Beast Industries, and $1.2 billion in unencumbered cash.

BMNR Stock Price Action

BMNR stock climbed over 4% on Monday, hitting $20. That level has been a key resistance point over the past several weeks.

The stock is still well below its all-time high of $150. The year-to-date low sits at $16.60, set earlier in 2026.

From a technical standpoint, the stock is trading along the upper boundary of a falling wedge pattern. That formation is often viewed as a bullish reversal signal.

The Relative Strength Index moved up from an oversold reading of 25 in February to 43 as of Monday. The Percentage Price Oscillator has also made a bullish crossover.

The next key resistance level is at $30. The bullish setup would be called off if the stock falls back below $16.60.

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