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Bitmine Immersion Technologies Inc.(NYSE:BMNR) stock edged lower Tuesday as Ethereum(CRYPTO: ETH) fell 1.5% over the past 24 hours to $2,476.81.
Bitmine operates as an Ethereum treasury company, making its stock sensitive to moves in the cryptocurrency. The decline came as broader markets also weakened. Nasdaq futures slipped 0.11%, while S&P 500 futures fell 0.17%.
Separately, the company said Monday that its Ethereum holdings reached 5.96 million tokens, bringing its total crypto, cash, marketable securities and other investments to $15.8 billion.
It now owns about 4.9% of Ethereum’s total supply of 122 million tokens. That puts Bitmine close to its stated goal of owning 5% of the cryptocurrency.
Bitmine Adds More Ethereum
As of Sept. 13, Bitmine held 5,956,378 Ethereum tokens valued at $2,513 each.
The company also held 212 Bitcoin, $549 million in cash and marketable securities, a $180 million stake in Beast Industries and a $98 million investment in Eightco Holdings Inc.(NASDAQ:ORBS).
Bitmine bought another 27,180 Ethereum tokens during the past week. Chairman Thomas “Tom” Leesaid the company has purchased Ethereum every week since launching its Ethereum treasury strategy on June 30, 2025.
Staking Portfolio Tops 5 Million ETH
Bitmine had 5,067,309 Ethereum tokens staked as of Sept. 7, representing about 85% of its holdings. At $2,513 per token, the staked assets were worth roughly $12.7 billion.
The company projects annualized staking revenue of $334 million. Its own staking operations generated an annualized seven-day yield of 2.62%.
Bitmine launched its Made in America Validator Network, or MAVAN, earlier this year. The platform supports Bitmine’s treasury and also serves institutional investors, custodians and other partners.
Lee said Ethereum’s recent strength reflects growing institutional interest in tokenization and artificial intelligence.
Technical Analysis
BitMine trades 4.9% above its 20-day simple moving average of $23.60. It is also 26.7% above its 50-day SMA, 29.9% above its 100-day SMA and 11.5% above its 200-day SMA.
Still, momentum has weakened. The MACD is below its signal line, while the histogram is negative. That suggests the recent rally is losing steam.
The technical picture remains mixed. The 20-day SMA sits above the 50-day SMA, signaling near-term strength. However, the 50-day SMA remains below the 200-day SMA following a “death cross” in January. BitMine shares are also down 51.5% over the past 12 months.
Key resistance sits near $27. Support is around $23, close to the 20-day SMA.
Top ETF Exposure
BitMine has a 7.99% weighting inthe Global X Blockchain ETF(NASDAQ:BKCH), a 5.96% weighting inthe Bitwise Crypto Industry Innovators ETF(NYSE:BITQ) and a 4.52% weighting inthe Corgi Crypto Infrastructure ETF(NASDAQ:BLCK).
BMNR Stock Price Activity: BitMine Immersion shares were down 3.73% at $24.80 during premarket trading on Tuesday
This content was partially produced with the help of AI tools and was reviewed and
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