Bitmine Immersion Technologies (NYSE:BMNR) acquired 71,524 ETH last week, bringing total holdings to 4.875 million ETH representing 4.04% of total supply.

The ETH Accumulation

Bitmine now owns 4.04% of the total ETH supply of 120.7 million coins. That puts the company 81% of the way to its “Alchemy of 5%” target in just 9 months. 

Last week’s 71,524 ETH purchase marks the highest buying pace since late December.

As of April 12, Bitmine’s crypto holdings total 4,874,858 ETH at $2,206 per ETH, 198 Bitcoin, $200 million stake in Beast Industries, $85 million stake in Eightco Holdings (NASDAQ:ORBS), and total cash of $719 million. Combined crypto plus cash plus “moonshots” total $11.8 billion.

“Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case is ETH is in the final stages of the ‘mini-crypto winter,'” said Chairman Tom Lee.

The Staking Revenue

Bitmine has put 3.334 million ETH into staking, which equals $7.4 billion at current prices. No other entity in the world has staked more ETH.

Right now, staking generates $212 million per year in revenue. Once Bitmine stakes all its ETH through MAVAN and its partners, that number jumps to $310 million annually based on a 2.89% yield.

Bitmine just launched MAVAN (Made in American Validator Network), an institutional-grade staking platform. The company built MAVAN for its own treasury but plans to open it up to institutional investors, custodians, and other partners.

The War Performance

ETH has become the best performing asset since the start of the Iran war, gaining 17.4% and outperforming the S&P 500 (NYSE:SPY) by 1,830 basis points.

“We believe ETH beating gold by 2,743 basis points demonstrates ETH is the wartime store of value,” Lee said. 

“Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains,” he added.

The Technical Squeeze

After the historic July 2025 spike to $143 and the collapse that followed, BMNR has spent months grinding toward a base.

The Bollinger Bands have compressed to their tightest point since before the spike. The upper band sits at $23.35, midline at $20.75, lower at $18.15, all within a $5 range. 

The SAR at $18.08 sits below price, maintaining the short-term bullish signal that flipped last week.

Price currently presses against the upper BB at $23.35. A close above it would signal the first meaningful breakout in months.

Key support sits at $20.75 (BB mid), then $18.15 (lower BB), then $18.08 (SAR). Resistance clusters at $23.35 (upper BB), then $29.60, then $35.00.

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