BitMine Buys 7,391 ETH as BMNR Hits Key Resistance

BitMine expands Ethereum treasury while BMNR stalls at resistance

BitMine Immersion Technologies continued to bulk up its Ethereum holdings last week, acquiring an additional 7,391 ETH as the firm edges closer to its stated 5% target of total ETH supply. The purchases arrive alongside further share buybacks, but BMNR stock ran into a near-term technical ceiling, underscoring the mixed dynamics between corporate treasury strategy, staking exposure and market sentiment.

Key takeaways

• BitMine’s crypto treasury now totals roughly 5.81 million ETH (about 4.8% of circulating supply).
• The company has staked approximately 5.07 million ETH, projecting about $194 million in annual staking rewards at current yields.
• BitMine repurchased 3 million BMNR shares last week, bringing total buybacks to 19.1 million under its $4 billion authorization.
• BMNR stock ran up against resistance near the 100-day moving average ($18.63) and remains below the longer-term 200-day average ($24.31).

BitMine’s growing ETH position and strategic goal

Following a string of weekly purchases that began after the company formalized its treasury policy in June 2025, BitMine added 7,391 ETH in the latest update. The firm now holds about 5.81 million ETH — close to 4.8% of Ethereum’s total supply and roughly 96% of the way to its announced 5% ownership objective.

BitMine’s consolidated balance sheet also lists 206 Bitcoin, cash and marketable securities, plus strategic investments in Eightco Holdings and Beast Industries. The company values its combined crypto, cash and other holdings at an estimated $11.6 billion.

Staking increasingly central to revenue

Staking is no longer a marginal yield enhancer for BitMine; it has become a core revenue driver. The company has placed 5,067,309 ETH into staking—about 87% of its Ethereum holdings—with that position valued near $9.8 billion at recent prices.

BitMine reported a seven-day annualized staking yield of 2.63% in its update. If that rate persists, the firm forecasts roughly $194 million in annual staking rewards. In its most recent reported quarter, staking and validation income accounted for the vast majority of revenue, emphasizing the business model’s reliance on validator yields and network economics.

That concentration introduces longer-term risks. Large-scale staking reduces liquid ETH supply available to traders and market participants, while leaving BitMine exposed to fluctuations in ETH price, validator rewards, and any changes to Ethereum issuance or protocol policy.

Share repurchases continue

Alongside crypto accumulation, BitMine repurchased three million BMNR shares last week. Since the buyback program began in July under a $4 billion authorization, total repurchases have reached 19.1 million shares. Chairman Tom Lee reiterated management’s view that BMNR shares remain undervalued and that repurchases represent an effective deployment of capital.

Lee also commented on macro factors potentially supporting crypto markets: disappointment over a delayed Senate vote on the CLARITY Act contrasted with softer inflation and jobs data that lowered expectations for an imminent Federal Reserve rate hike. He suggested that easier financial conditions could benefit risk assets, including ETH and related equities.

BMNR price action and technical levels

BMNR traded at $18.36 when the chart was captured on Aug. 10, down about 2.44% for the session after opening at $18.75 and touching an intraday high of $18.86. Sellers pushed the stock back below a key resistance level around the 100-day simple moving average at $18.63.

BMNR remains supported by an ascending trendline and the 20-day simple moving average near $17.20, while the 50-day average at $16.29 provides deeper support if short-term momentum fades. A sustained daily close above $18.63 could pave the way toward $20, but failure to hold $17.20 would risk testing the $16.29 level.

The longer-term backdrop still looks constrained: BMNR trades well below its 200-day moving average of $24.31, tempering optimism for a durable breakout. Technical indicators such as the Aroon Up (92.86%) indicate that buyers have produced recent highs, but the rejection at the 100-day average suggests a confirmed breakout is still pending.

BMNR price daily chart 

What to watch next

• Whether BitMine continues weekly ETH purchases and reaches the full 5% target.
• Staking yields and validator performance, which directly affect projected rewards and revenue stability.
• BMNR’s ability to close decisively above the 100-day moving average; a clear breakout would boost confidence for a move toward $20.
• Macro catalysts such as U.S. inflation, employment data, and Fed rate guidance that influence liquidity and risk appetite for crypto assets.

For investors and observers of the crypto sector, BitMine’s dual strategy of expanding an ETH-heavy treasury while pursuing aggressive share buybacks underscores a bet on Ethereum’s long-term value and the company’s equity being undervalued. That approach ties the firm’s fortunes closely to staking economics and ETH market dynamics, making upcoming technical breaks and macro developments key to watch.