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Bitmine Immersion Technologies(NYSE:BMNR) bought 28,086 Ethereum(CRYPTO: ETH) for roughly $69.5 million last week as Chairman Tom Lee flags a sharp upside move ahead.
What the Latest Purchase Shows
According to a Tuesday press release, Bitmine now holds 5.93 million ETH worth approximately $14.8 billion at current prices, representing 4.9% of Ethereum’s total supply of 122 million tokens.
The company has bought ETH every single week since launching its treasury strategy on June 30, 2025, a streak no other public company has matched.
Total crypto plus cash holdings now stand at $15.7 billion, with 5.07 million ETH staked through its MAVAN platform generating projected annualized staking revenue of $330 million at a 7-day yield of 2.61%.
What Tom DeMark Says About ETH’s Next Move
Tom DeMark, founder of DeMark Analytics and capital markets advisor to Bitmine, said in the release that ETH spent August moving sideways without a downside break, which expired a 12-day bearish metric and implies a renewal of the prior uptrend.
He called last week’s sharp one-day rally a likely preview of the pending advance and expects ETH to make a sharp upward move in the coming weeks.
Why Lee Thinks Institutions Are About to Move
Lee noted in the release that four of the top 21 best-performing stocks in the Russell 1000 quarter to date are crypto-related equities, with ETH outperforming the S&P 500 by 5,430 basis points in Q3.
BMNR itself ranks fourth in the Russell 1000 with a 99% gain quarter to date against the benchmark’s 3%.
Lee argued that fund managers benchmarked to the Russell 1000 now need to evaluate whether they have enough crypto exposure given the group’s outsized contribution to index gains this quarter.
He pointed to several catalysts ahead including the Clarity Act vote scheduled for mid-September, Korean investors rotating back into crypto from AI stocks, and the four-year cycle bottoming in the next few weeks.
BMNR Price Analysis: Key Levels to Watch
BMNR holds at $24.80 Monday, consolidating just above the $23 to $24 breakout zone that capped price in April and May.
The 20-day and 50-day EMAs both track steadily below as rising support with the 200-day EMA at $22.31 now reclaimed.
Key levels for BMNR:
- $26.88 — recent high, break above opens fresh multi-month highs
- $23 to $24 — breakout retest zone, must hold
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