Bitmine Immersion Technologies (NYSE:BMNR) purchased 101,627 Ethereum (CRYPTO: ETH) in the past week, bringing total holdings to 4.976 million ETH worth $11.45 billion as the stock tests channel breakout near $23.

The Highest Pace Since December

The weekly purchase represents the highest pace of buys since December 15, 2025.

Bitmine now owns 4.12% of Ethereum’s total supply of 120.7 million, making the company 82% of the way to its goal of owning 5% of the total supply.

“We see growing signs that the ‘mini-crypto’ winter is coming to an end,” said Chairman Tom Lee. 

“As downside tail risks for the U.S.-Iran war diminish, ETH has risen 41% from its early February lows,” he added.

ETH has outperformed the S&P 500 by 2,280 basis points since the war started and remains the single best performing asset in the world beside crude oil prices according to Lee.

The Staking Revenue Engine

Bitmine has staked 3,334,637 ETH, representing $7.7 billion at $2,301 per ETH. Annualized staking revenues now stand at $221 million. 

At scale, when Bitmine’s ETH is fully staked, the projected staking reward is $330 million annually using a 2.88% 7-day yield.

Bitmine recently launched MAVAN (Made in America Validator Network), an institutional-grade staking platform. While originally developed to support Bitmine’s own Ethereum treasury, MAVAN intends to expand to serve institutional investors and custodians.

The $12.9 Billion Portfolio

Bitmine’s total crypto holdings plus cash plus “moonshots” total $12.9 billion. 

This includes 4.976 million ETH, 199 Bitcoin, $200 million stake in Beast Industries, $107 million stake in Eightco Holdings (NASDAQ:ORBS), and total cash of $1.12 billion.

The Channel Breakout Setup

After the July 2025 spike above $100 and the long grind back down, BMNR has been consolidating inside a descending channel since August. 

Price now sits at the upper boundary of that channel near $23-$24.

The Bollinger Bands are tightening with the upper at $23.19, midline at $20.74, and lower at $18.28. The MACD is curling upward with the histogram printing green.

Key support sits at $20.74 (BB mid), then $18.28 (lower BB). 

Meanwhile, resistance clusters at $23.19 (upper BB), then $25.00, then $29.60.

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