Bitmine Immersion Technologies (BMNR) just can't stop buying Ethereum. The crypto treasury company added 44,463 Ethereum (ETH) tokens over the past week, pushing its total stash to 4.11 million ETH valued at $12.1 billion at current prices. That's some serious accumulation.

Closing In on 5% of All Ethereum

Here's the wild part: Bitmine now controls 3.41% of Ethereum's circulating supply of 120.7 million tokens. They're two-thirds of the way to their stated goal of owning 5% of the entire Ethereum network, which would be an absolutely massive concentration of one of the world's largest cryptocurrencies.

The company's total crypto and cash position hit $13.2 billion as of December 28, including those 4,110,525 ETH, 192 BTC, $23 million in Eightco Holdings (ORBS), and $1 billion in cold hard cash.

"Bitmine added 44,463 ETH in the past week, as we continue to be the largest 'fresh money' buyer of ETH in the World," said Chairman Tom Lee of Fundstrat.

"Year-end tax-loss related selling is pushing down crypto and crypto equity prices," he added, noting that this effect typically peaks between December 26-30. Bitmine is clearly taking advantage of the seasonal weakness to load up on tokens at what they view as discounted prices.

The Staking Play Could Generate Serious Cash Flow

Bitmine currently has 408,627 ETH staked and is working toward launching MAVAN (Made in America Validator Network) in Q1 2026. This is where the business model gets interesting.

At full scale with complete staking deployment, using the 2.81% composite Ethereum staking rate, the company could generate $374 million annually. That's over $1 million per day just from staking rewards.

This staking infrastructure could fundamentally transform Bitmine from a passive treasury operation into an income-generating infrastructure company pulling in $360-480 million in annual staking income. It's the difference between just holding assets and actually putting them to work.

Technical Picture Suggests Downside Risk Before Recovery

The chart tells a more cautious story. BMNR is forming a descending triangle pattern with a converging apex near $31, which is generally considered a bearish continuation setup.

The Supertrend indicator at $36.78 and SAR at $35.62 are both acting as immediate overhead resistance. Price is trading below all exponential moving averages, confirming bearish momentum in the near term.

Immediate support sits at $27.96, the recent low. If that level breaks decisively on volume, the technical pattern suggests a continuation down toward $23-$25, which would represent meaningful downside from current levels.

On the flip side, a breakout above $36.78 with strong volume would invalidate the bearish pattern and signal a potential reversal, with initial targets in the $43-45 zone.

So while Bitmine keeps accumulating Ethereum at scale, the stock itself might need to find a bottom first before any sustainable rally can take hold.