BitMine Buys Record 45,759 ETH-Can It Stop BMNR Breaking Below $15 Support?

BitMine Immersion Technologies (NYSE:BMNR) bought 45,759 Ethereum (CRYPTO: ETH) last week for over $90 million—its largest weekly purchase this year.

The Buying Spree Continues

BitMine’s total ETH holdings reached 4,371,497 tokens worth $8.7 billion at current prices, representing 3.62% of total ETH supply. 

The company also raised its cash pile to $670 million alongside a $200 million stake in Beast Industries, bringing total assets to $9.6 billion.

Staking generates meaningful revenue despite losses. BitMine has staked 3,040,483 ETH—69% of total holdings—generating $176 million in annualized rewards at a 2.89% yield. 

When MAVAN, the company’s proprietary staking solution, launches in Q1, annual staking rewards could reach $252 million.

Chairman Tom Lee defended the accumulation after attending Consensus Hong Kong, citing three long-term growth drivers for Ethereum: Wall Street tokenization, AI agents using Ethereum for payments and verification, and “proof of human” standards running on Ethereum Layer-2 networks.

Lee’s Bottom Comparison

Lee drew parallels between current market sentiment and the bottoms seen in 2018 and 2022. 

“Investor sentiment and enthusiasm are rock bottom, reminding us of the forlornness and dejection seen at the November 2022 lows and depths of 2018 crypto winter,” he said.

The key difference this time: No major exchanges or funds collapsed as happened with FTX and Three Arrows Capital in 2022. 

Instead, crypto weakness stems from the October 10 price shock and massive deleveraging rather than structural failures.

Despite $8 billion in paper losses, Lee said BitMine buys regardless of price trends.

“The price of ETH is not reflective of the high utility of ETH and its role as the future of finance.

Hence, we continue to buy ETH even as crypto moves through this ‘mini-winter.'”

BMNR Price Forecast

BMNR is grinding toward the critical $15-$17 long-term support zone. 

All moving averages sit well above price: 20 EMA at $23.35, 50 EMA at $28.10, 100 EMA at $32.16, and 200 EMA at $31.51—forming dense resistance 14% above current price.

The lower Bollinger Band at $15.79 sits dangerously close to current price, highlighting compression near long-term support. 

Every rally attempt into the $23-$32 EMA cluster has been sold without hesitation.

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