Bitmine Immersion Technologies Inc. (NYSE:BMNR) bought 32,977 Ethereum (CRYPTO: ETH) last week to push total holdings to 4.144 million ETH worth $13.2 billion, with the BMNR stock holding at a critical support level.
Bitmine Now Owns 3.43% Of ETH Supply
Bitmine’s Ethereum holdings now represent 3.43% of the total ETH supply of 120.7 million tokens, putting the company two-thirds of the way to its stated goal of owning 5% of all Ethereum—the “Alchemy of 5%.”
Beyond Ethereum alone, Bitmine's broader balance sheet continues to expand.
The company’s total crypto and cash holdings hit $14.2 billion, including 4.144 million ETH at $3,196 per token, 192 Bitcoin (CRYPTO: BTC), a $25 million stake in Eightco Holdings (NASDAQ:ORBS), and $915 million in cash.
Thomas “Tom” Lee, Chairman of Bitmine and founder of Fundstrat, said Bitmine remains the largest “fresh money” buyer of ETH in the world despite total equity and crypto activity slowing in the final week of 2025.
Staking Push Targets $374M Annual Revenue
Bitmine’s total staked ETH stands at 659,219 tokens worth $2.1 billion, an increase of 250,592 in the past week.
While this still represents only a portion of total holdings, the expansion marks a meaningful step toward scaling staking-based revenue.
The composite Ethereum staking rate (CESR) sits at 2.81%.
At scale, when Bitmine’s full ETH position is staked through MAVAN and its partners, the staking fee would generate $374 million annually—or greater than $1 million per day.
Lee said the Made in America Validator Network (MAVAN) will be the “best-in-class” solution offering secure staking infrastructure and will deploy in early 2026.
Multiple Tailwinds For 2026
Lee pointed to multiple catalysts for Ethereum in 2026: U.S. government support for crypto, Wall Street embracing stablecoins and tokenization, rising need for authentication and proof of provenance in an AI-driven world, and rising crypto adoption among younger generations.
He also noted that the surge in commodity and precious metals in 2025 bodes well for crypto prices in 2026, which tend to follow metal price moves.
Bitmine leads crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of BMNR stock.
The stock has traded average daily dollar volume of $980 million (5-day average), ranking #44 in the U.S., behind IBM and ahead of Home Depot among 5,704 U.S.-listed stocks.
Chart Shows $34 Is Make-Or-Break Level
BMNR Technical Analysis By TradingView
BMNR is up 3.37% today, showing signs of bullish momentum after testing critical support near $28.99.
The stock is forming a potential inverse head and shoulders pattern, with the neckline around $34.09.
Price currently trades below the 20 EMA at $30.02 but is attempting to reclaim this key short-term moving average.
The MACD histogram shows early bullish divergence, suggesting weakening downside momentum.
Additionally, the 100 EMA at $36.65 and 200 EMA at $37.50 represent significant overhead resistance zones that have capped recent rallies.
Upside targets: Immediate resistance at $34.09, followed by $35.65 (100 EMA), then $37.50-$40.00 (200 EMA confluence). Breakout above $44 opens a path toward $56.
Downside risks: Support at $30.02, critical floor at $28.99. Break below $28 targets $24.43.
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