BitMine Immersion Technologies, Inc. (NYSE:BMNR) announced Monday that its Ethereum (CRYPTO: $ETH) holdings reached 6.05 million ETH, valued at approximately $14.3 billion.
As of Oct. 25, Bitmine owned 4.95% of Ethereum’s total supply. The company is now close to its goal of holding 5% of all ETH tokens.
Additionally, Bitmine reported $514 million in cash and marketable securities. Its portfolio also includes 215 Bitcoin (CRYPTO: $BTC) and investments in Beast Industries and Eightco Holdings Inc. (NASDAQ:ORBS).
Bitmine Expands ETH Staking and Share Buybacks
Bitmine has staked 5.23 million ETH, worth about $12.3 billion. The company estimates annualized staking revenue of $318 million.
Meanwhile, Bitmine repurchased 2.04 million shares last week. Its total share buybacks reached 22.9 million shares in 2026, worth $399.6 million.
The company also purchased 10,452 ETH during the past week.
Looking ahead, Bitmine plans to expand its Ethereum staking operations through its MAVAN platform while pursuing its 5% ETH supply target.
Management Defends Market Position
Bitmine Chairman Tom Lee addressed the recent cryptocurrency market weakness.
Lee said Ethereum had fallen 13% from its recent peak, compared with a 20% decline in U.S. semiconductor stocks over the same period.
He said the relatively smaller decline supports his belief that a cryptocurrency bull market is underway.
“Crypto got pulled down by the same ‘risk-off’ forces behind the AI sell-off,” he said.
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Bitmine Stock Falls Amid Crypto Market Weakness
BitMine stock fell Monday, underperforming the broader market as investors remained cautious about the cryptocurrency-linked stock. The decline came as the Nasdaq gained 0.59% and the S&P 500 rose 0.45%.
BitMine operates as an Ethereum treasury company, making its shares sensitive to cryptocurrency price movements.
Ethereum fell 0.7% over the past 24 hours to $2,304.71, while Bitcoin declined 0.3% to $79,665.31.
The weakness in major cryptocurrencies may be adding pressure to BitMine shares, even as broader equity markets trade higher.
BMNR Technical Indicators Signal Mixed Momentum
The stock has lost 60.14% over the past 12 months, reflecting significant selling pressure. As a result, traders are watching key technical levels for signs of a potential recovery.
BitMine shares remain below key short-term moving averages, signaling continued selling pressure. The stock is trading 10.9% below its 20-day simple moving average (SMA) of $24.06. It is also 11.9% below its 50-day SMA of $24.33.
However, shares remain above the 100-day SMA of $20.30 and the 200-day SMA of $21.14. These levels suggest the longer-term trend has not fully weakened.
Meanwhile, the moving average convergence divergence (MACD) indicator points to fading momentum. The MACD remains below its signal line, while its negative histogram suggests buying pressure has weakened.
The stock’s moving averages also offer mixed signals. The 20-day SMA remains below the 50-day SMA, indicating near-term weakness.
However, the 50-day SMA is still above the 200-day SMA following a golden cross in September. This pattern suggests the longer-term trend remains relatively stronger.
BMNR Stock Support and Resistance Levels
Key resistance stands at $24.00, near the 20-day and 50-day moving averages. A move above this level could signal improving momentum and attract fresh buying interest.
Meanwhile, key support sits at $20.50, just above the 100-day moving average of $20.30. A break below this level could increase selling pressure and raise concerns about further declines.
BMNR Stock Price Action
BMNR Stock Price Activity: BitMine Immersion shares were trading down 3.53% at $21.61 at the time of publication on Monday, according to Benzinga Pro data.
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