Bitmine Immersion Technologies (NYSE:BMNR) bought 17,362 Ethereum (CRYPTO: ETH) last week, pushing its total holdings past 6 million ETH.
What the Latest Purchase Shows
According to a Monday press release, Bitmine now holds 6,001,302 ETH, worth roughly $16.2 billion and equal to 4.9% of Ethereum’s 122.1 million token supply.
Last week’s buy came in smaller than the 27,562 ETH added the week before.
Even so, Bitmine has bought ETH every week since it launched its treasury strategy on June 30, 2025.
Key figures from the update:
- Total holdings: $17.2 billion in crypto, cash and marketable securities
- Staked ETH: 5.07 million tokens through its MAVAN platform
- Projected staking revenue: $358 million annualized
- Distance to 5% target: roughly 104,000 more ETH
Why Lee Says the Bull Market Is Underway
Chairman Tom Lee argued that institutions remain underweight crypto and will add exposure in the final months of 2026.
He pointed to Ethereum’s quarter-to-date outperformance against the S&P 500, which now stands at 6,728 basis points, up from 6,519 a week earlier.
Lee also called the 6 million ETH milestone proof of the network effects that come with owning nearly 5% of the supply.
Lee delivers the keynote at Korea Blockchain Week in Seoul on Sept. 30.
BMNR Price Analysis: Key Levels to Watch
BMNR closed Friday at $27.56, down 1.68%, with premarket trading softer near $27.23.
The pullback follows a decisive break above the $23 to $24 resistance zone that capped every rally since February.
That zone has now flipped into support. Meanwhile, price still climbs inside the ascending channel from the July low, and every major EMA sits below it.
Key levels for BMNR:
- $29.60: recent swing high, resistance above
- $25.36: 20-day EMA, first support
Photo via Shutterstock
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