BitMine Immersion Technologies (NYSE:BMNR) purchased 60,999 Ethereum (CRYPTO: ETH) last week, bringing total holdings to 4.6 million ETH valued at $10 billion as the stock surged 12%.

The $140M ETH Purchase

The purchase was BitMine’s biggest this year in token terms, worth nearly $140 million at current prices. 

Total ETH holdings now stand at 4,595,562 tokens, representing 3.81% of the ETH supply. The firm maintained a $1.2 billion cash position despite ramping up acquisitions.

BitMine now stakes 3.04 million ETH, generating about $180 million in annualized revenue with potential to reach $272 million as it locks up more tokens. 

The firm has staked more ETH than any other entity in the world, with the Composite Ethereum Staking Rate at 2.79% while BitMine’s own operations generated a 7-day yield of 2.81%.

The Iran War Thesis

Chairman Thomas “Tom” Lee said recent geopolitical tensions have not weighed on crypto prices as much as other assets. 

“Since the start of the Iran war, crypto prices have outperformed and Ethereum has outperformed the S&P 500 (NYSE:SPY) by 2,450 basis points,” Lee said.

“Higher oil is triggering concerns of slowing growth for the global economy. And when investors worry about growth, they buy ‘growth stocks’ including MAG7, software and crypto,” Lee explained. 

The thesis positions crypto as a growth play rather than defensive asset during economic uncertainty.

The OpenAI Exposure Play

BitMine increased its investment in Eightco (NASDAQ:ORBS) by $80 million.

ORBS acquired a $50 million equity stake in OpenAI and a $25 million equity stake in Beast Industries, making ORBS the only publicly listed equity giving investors direct exposure to OpenAI ahead of its anticipated 2026 IPO.

BitMine also acquired 5,000 ETH from the Ethereum Foundation, enabling the foundation to fund core operations without selling ETH in the open market.

The firm has steadily added to its treasury throughout the recent market downturn, even as unrealized losses on its position are estimated at around $6.5 billion according to DropsTab data. 

ETH has advanced 8.4% over the past 24 hours, helping narrow those losses.

BMNR Tests Critical $23.92 Resistance

BitMine surged 12% after weeks of selling pressure near the $18-$20 support base. Today’s explosive candle is challenging the Supertrend resistance at $23.92, a critical flip zone bulls have been eyeing.

All EMAs remain stacked bearishly above price. The 50 EMA at $24.02 is the immediate hurdle, with $28.43 and $29.58 as meaningful recovery targets beyond that. 

Until price closes above $23.92, this remains a bounce within a larger bearish structure.

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