Bitmine Immersion Technologies [BMNR] just bought more Ethereum [ETH]. At this point, it’s a habit. However, the pile isn’t negligible anymore, making this worthy enough to take a look.
Bitmine now just 50K tokens away from 5% goal!
Bitmine picked up 8,573 ETH last week, at $2,261 per token. That’s worth nearly $20 million! At press time, the total stash was worth 6,060,506 ETH.
In fact, that’s 4.9% of Ethereum’s 122.2 million supply. The company has been chasing 5% for about 15 months and now, they’re about 50,000 ETH short.
According to Chairman Tom Lee, Bitmine has bought ETH every single week, since starting its treasury strategy in June 2025.
Bitmine’s track record of consistent buying of crypto is unmatched by any public company in the world.
Most of that ETH is working too. Around 5.23 million tokens, or 86% of the stack, are staked. That’s worth about $11.8 billion.
At full scale, it is expected that they’d bring about $415 million a year in staking rewards. Add cash, Bitcoin [BTC], and a few side bets, then Bitmine’s total holdings come up to $14.5 billion.
Lee also commented on Binance’s recent $6.3 billion hack, which the FBI has blamed on North Korea. Comparing it to the Bybit hack of 2025, he stated,
We believe this is a far more muted market reaction despite the size of the theft being approximately quadruple the size…
BMNR stock goes up above $21.90
The stock seems to like what it’s hearing as well.
BMNR stock was at $21.90 on 4th November, having started the day at $20.50. A jump of nearly 7% in a few hours, with a high just above $22.20.
It’s not been a smooth road though. On the 2nd, it slid to about $19.45 before bouncing. It then spent most of 3rd November between $20.30 to $20.80.
The near-term has been looking a bit hotter too. The RSI on the 5-minute view was above 80 during the run, and has since slowed to 68.5. The MACD was above the Signal Line at press time, but the green bars were shrinking.
Simply put, buyers might still be in charge, but it didn’t seem very obvious.
Final Summary
- BitMine bought 8,573 ETH last week, with holdings near 4.9% of total supply.
- BMNR stock rose by nearly 7% in a few hours on 4th November.
