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BitMine Just Bought Another $44M of Ethereum—So Why Is the Stock Still Crashing?

MarketDash Editorial Team
9 days ago
BitMine Immersion Technologies added another $44 million in Ethereum to its massive holdings, now controlling nearly 3% of ETH's circulating supply. But despite the buying spree and bullish forecasts from Chair Tom Lee predicting $7,000-$9,000 ETH by early 2026, BMNR stock continues trading in a steep downtrend.

BitMine Immersion Technologies Inc. (BMNR) keeps loading up on Ethereum (ETH), but you wouldn't know it from looking at the stock chart. The company just added another $44 million in ETH to its holdings, right as Chair Tom Lee is making some seriously aggressive price predictions. Yet BMNR continues trading like, well, a falling knife.

Another Day, Another Ethereum Purchase

Lookonchain reported Friday that BitMine acquired 14,618 ETH using a wallet identified as "0xbd0…E75B8." The transaction went through at roughly 5:07 p.m. Thursday, according to Arkham-linked tracking.

BitMine hasn't officially confirmed the transaction, so we're relying on blockchain intelligence data here. But the purchase follows the company's $200 million Ethereum addition from earlier this week, so the pattern is pretty clear.

The company now holds 3,629,701 ETH, valued near $10.9 billion under its last confirmed disclosure. That represents almost 3% of Ethereum's circulating supply based on recent estimates. BitMine has repeatedly stated a long-term goal of controlling 5% of total supply, emphasizing Ethereum's expanding presence in financial market infrastructure.

Tom Lee's Bullish Ethereum Bet

BitMine Chair Tom Lee delivered an aggressive outlook for Ethereum during a recent interview. He said ETH could bottom near $2,500 before rising toward $7,000 or even $9,000 by late January 2026.

Lee argued that Ethereum's neutrality and scaling progress align with broader institutional demand. He added that he anticipates a dovish Federal Reserve stance before year-end, and believes improved clarity could help ease pressure across digital asset markets.

Lee also forecast Bitcoin (BTC) moving above $100,000 once conditions stabilize. So it's not just Ethereum he's bullish on—it's the entire crypto landscape assuming macro conditions cooperate.

The Stock Chart Tells a Different Story

Here's the puzzle: BMNR continues to trade within a multi-week decline despite all this blockchain activity. The stock remains below its descending trendline and the Supertrend resistance near $36.29. This structure keeps sellers in control across most timeframes.

Price recently defended support at $23.86, creating a modest reaction. However, BMNR remains below the 0.236 Fibonacci retracement near $33.77, limiting upward momentum. A daily close above that level is required to confirm stabilization.

A trendline break could open a move toward $39.90 and $44.85. These levels align with the 0.382 and 0.5 retracements, respectively. Failure to reclaim that zone risks renewed selling toward the prior low at $23.86.

Bulls need a decisive move above $47.64 to shift the broader trend. Until then, BitMine is in the unusual position of aggressively accumulating assets while its own stock struggles to find a floor. The disconnect between what the company is doing (buying billions in Ethereum) and what the market thinks about it (selling the stock) is pretty remarkable.

Back to News

BitMine Just Bought Another $44M of Ethereum—So Why Is the Stock Still Crashing?

MarketDash Editorial Team
9 days ago
BitMine Immersion Technologies added another $44 million in Ethereum to its massive holdings, now controlling nearly 3% of ETH's circulating supply. But despite the buying spree and bullish forecasts from Chair Tom Lee predicting $7,000-$9,000 ETH by early 2026, BMNR stock continues trading in a steep downtrend.

BitMine Immersion Technologies Inc. (BMNR) keeps loading up on Ethereum (ETH), but you wouldn't know it from looking at the stock chart. The company just added another $44 million in ETH to its holdings, right as Chair Tom Lee is making some seriously aggressive price predictions. Yet BMNR continues trading like, well, a falling knife.

Another Day, Another Ethereum Purchase

Lookonchain reported Friday that BitMine acquired 14,618 ETH using a wallet identified as "0xbd0…E75B8." The transaction went through at roughly 5:07 p.m. Thursday, according to Arkham-linked tracking.

BitMine hasn't officially confirmed the transaction, so we're relying on blockchain intelligence data here. But the purchase follows the company's $200 million Ethereum addition from earlier this week, so the pattern is pretty clear.

The company now holds 3,629,701 ETH, valued near $10.9 billion under its last confirmed disclosure. That represents almost 3% of Ethereum's circulating supply based on recent estimates. BitMine has repeatedly stated a long-term goal of controlling 5% of total supply, emphasizing Ethereum's expanding presence in financial market infrastructure.

Tom Lee's Bullish Ethereum Bet

BitMine Chair Tom Lee delivered an aggressive outlook for Ethereum during a recent interview. He said ETH could bottom near $2,500 before rising toward $7,000 or even $9,000 by late January 2026.

Lee argued that Ethereum's neutrality and scaling progress align with broader institutional demand. He added that he anticipates a dovish Federal Reserve stance before year-end, and believes improved clarity could help ease pressure across digital asset markets.

Lee also forecast Bitcoin (BTC) moving above $100,000 once conditions stabilize. So it's not just Ethereum he's bullish on—it's the entire crypto landscape assuming macro conditions cooperate.

The Stock Chart Tells a Different Story

Here's the puzzle: BMNR continues to trade within a multi-week decline despite all this blockchain activity. The stock remains below its descending trendline and the Supertrend resistance near $36.29. This structure keeps sellers in control across most timeframes.

Price recently defended support at $23.86, creating a modest reaction. However, BMNR remains below the 0.236 Fibonacci retracement near $33.77, limiting upward momentum. A daily close above that level is required to confirm stabilization.

A trendline break could open a move toward $39.90 and $44.85. These levels align with the 0.382 and 0.5 retracements, respectively. Failure to reclaim that zone risks renewed selling toward the prior low at $23.86.

Bulls need a decisive move above $47.64 to shift the broader trend. Until then, BitMine is in the unusual position of aggressively accumulating assets while its own stock struggles to find a floor. The disconnect between what the company is doing (buying billions in Ethereum) and what the market thinks about it (selling the stock) is pretty remarkable.