Bitmine Immersion (NASDAQ:BMNR) bought 26,497 Ethereum (CRYPTO: ETH) worth roughly $53 million last week, cutting its weekly purchase pace by more than 75% after the prior week’s 120,000 ETH haul.

Firm Now Holds 4.49% Of Ethereum’s Circulating Supply

The latest purchase lifts Bitmine’s total holdings to 5.42 million ETH, putting the firm about 90% of the way toward its stated goal of owning 5% of Ethereum’s circulating supply.

Chairman Tom Lee said at Consensus 2026 in May that the company planned to moderate accumulation as it approached that target.

“ETH prices are not reflecting the strengthening of Ethereum fundamentals,” Lee said Monday. “But then again, this is not surprising given we are in the early stages of crypto spring,” he added.

Bitmine remains one of the few large digital asset treasury firms still actively adding to holdings. By contrast, Strategy Inc. (NASDAQ:MSTR) sold $2.5 million worth of Bitcoin last week.

Bitmine has acquired more than 1 million ETH since the start of the year and holds total crypto and cash assets of $11.6 billion as of May 31.

Staking Revenue Approaching $300M Annually

Beyond accumulation, Bitmine is building an income stream through its MAVAN staking platform. 

The company estimates current staking operations generate roughly $258 million in annualized revenue, with projected rewards approaching $300 million annually. 

In addition to its ETH treasury, Bitmine holds 203 Bitcoin (CRYPTO: BTC), $446 million in cash, and stakes in Beast Industries and Eightco Holdings (NASDAQ:ORBS).

BMNR Chart Sitting 44% Below 200-Day As Death Cross Lingers

BMNR trades 10.3% below its 20-day SMA at $20.72 and 11.3% below its 50-day SMA at $20.94, keeping rallies looking more like bounces than trend reversals. 

More concerning is the longer-term setup, with shares sitting 44% below the 200-day SMA at $33.16 and under the 200-day EMA at $25.99.

The death cross that printed in January, when the 50-day SMA crossed below the 200-day SMA, remains active. 

MACD sits below its signal line with a negative histogram, confirming sellers still have the edge. Resistance sits at $22 near the 100-day SMA at $22.38, while support holds at $17.50 where buyers previously stepped in. 

Reclaiming $22 is the minimum step needed before the stock can begin repairing its longer-term trend.

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