Bitmine Immersion Technologies added 10,399 ETH to its treasury and repurchased another 4.5 million shares, but BMNR stock fell toward $17 as investors weighed its mounting unrealized losses.
Summary
- Bitmine acquired 10,399 ETH, lifting its holdings to 5,797,813 ETH.
- The company now controls about 4.8% of Ethereum’s total supply.
- Bitmine repurchased 4.5 million BMNR shares during its third consecutive week of buybacks.
- BMNR traded near $17.06, with technical indicators showing weak trend strength.
Bitmine’s Ethereum holdings approach 5.8 million ETH
Bitmine said it acquired another 10,399 ETH over the past week, continuing the accumulation strategy it adopted last year. The purchase increased its total holdings to 5,797,813 ETH, equivalent to approximately 4.8% of Ethereum’s circulating supply.
The latest purchase followed Bitmine’s acquisition of 9,946 ETH during the previous week. Together, the transactions added more than 20,000 ETH to the company’s treasury within two weeks.
Chairman Tom Lee linked the continued accumulation to Ethereum’s recent performance against US technology stocks. He said ETH outperformed the Nasdaq 100 by 25% during July, its widest margin since July 2025.
“This is the largest outperformance since July 2025, and we believe it is reflective of the strengthening fundamentals of crypto.”
Lee noted that ETH climbed from $2,375 in July 2025 to $4,057 by the end of the following month. However, past performance does not guarantee that Ethereum or BMNR will repeat that move.
Bitmine has maintained its accumulation strategy despite the broader crypto downturn and the paper losses attached to its holdings. DropsTab estimates that the company has an unrealized loss of approximately $8.8 billion on its Ethereum position.
Staked ETH could generate $247 million annually
Bitmine has also placed most of its Ethereum treasury into staking. The company reported 4,917,189 ETH staked, representing nearly 85% of its total holdings.
At the stated valuation, the staked position is worth about $9.2 billion. Bitmine projects that it could generate approximately $247 million in annualized staking revenue.
Staking provides the company with ETH-denominated income while it holds the asset on its balance sheet. However, that revenue may fluctuate with Ethereum’s staking yield, validator performance and the market value of ETH.
The strategy also means BMNR investors are exposed to several overlapping risks. These include Ethereum price volatility, the company’s cost basis, dilution from capital raises and operational risks associated with staking such a large position.
For US investors, BMNR offers equity-market exposure to Ethereum without requiring direct token custody. Unlike a spot Ethereum exchange-traded fund, however, the stock also carries corporate management, financing and capital-allocation risks.
BMNR buyback enters its third consecutive week
Bitmine repurchased 4.5 million common shares during the past week, marking the third straight week of purchases under its buyback program.
The company has now bought back more than 16 million shares. Management said it considers BMNR attractively valued relative to its assets and long-term Ethereum strategy.
Share repurchases reduce the number of outstanding shares when they are retired, potentially increasing each remaining shareholder’s proportional claim on the company. Their impact depends on the price paid, the source of the funds, and whether new stock issuance offsets the reduction.
Lee argued that periods of strong monthly ETH performance against the Invesco QQQ Trust have historically been followed by BMNR outperforming Ethereum during the next month. That relationship remains a company observation rather than a guarantee of future returns.
The buyback may provide some support for BMNR, but investors have yet to respond positively to the latest Ethereum purchase and repurchase announcement.
BMNR stock struggles with resistance near $17.15
BMNR traded near $17.06 on Aug. 3, falling about 1.3% on the daily chart. The stock recorded an intraday high of $17.23 and a low of $16.63.
BMNR price is testing the 61.8% Fibonacci retracement at $17.15, which is acting as the immediate resistance level. A daily close above that mark could allow BMNR to challenge $18.49, corresponding to the 50% retracement level.
The next resistance sits at $19.82. A stronger recovery beyond that level could bring $21.48 into focus, although the stock would need greater momentum and trading volume to sustain such a move.
BMNR remains above an ascending trendline drawn from its June low near $12.81. That structure suggests the short-term recovery has not failed, but the stock has struggled to build momentum above $17.
Aroon readings of 64.29% and 21.43% favor the recent recovery attempt. However, the average directional index stands at 18.04, below the commonly watched 20 threshold, indicating that the prevailing trend remains weak.
A rejection at $17.15 could send BMNR back toward the rising trendline around $16. Stronger support sits at the 78.6% Fibonacci level of $15.24. A decisive break below that area would weaken the recovery structure and increase the risk of another test of $12.81.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
