Bitmine Immersion (NYSE:BMNR) bought 52,203 Ethereum (CRYPTO: ETH) worth $92 million last week, pushing total holdings to 5.67 million ETH as the stock tests key support near $16.

Bitmine Is 94% Of The Way To Its 5% ETH Supply Goal

The latest purchase was smaller than the previous two weeks, but Chairman Tom Lee said the company is maintaining a steady accumulation pace as it closes in on its long-standing target of owning 5% of Ethereum’s total supply. 

Bitmine’s stack now represents 4.7% of the 120.7 million ETH in circulation, worth nearly $10 billion.

“We continue to maintain a steady pace of accumulation throughout 2026,” Lee said. 

Total crypto, cash, and marketable securities holdings now stand at $10.7 billion, including a $180 million stake in Beast Industries and a $104 million stake in Eightco Holdings (NASDAQ:ORBS).

BMNP Preferred Stock Keeps Paying Weekly Dividends Through August

Bitmine raised roughly $274 million earlier this month through its 9.5% Series A Preferred Stock offering, which trades on the NYSE under ticker BMNP (NYSE:BMNP). 

The board declared seven more weekly dividend payments of $0.1847 per share extending through late August.

Lee said the company’s staking operation backs those obligations. Bitmine currently stakes 4.72 million ETH, more than 83% of its total holdings, generating a 2.73% seven-day annualized yield through its MAVAN platform. 

The company projects $223 million in annualized staking revenue, with potential upside to $268 million once fully staked.

Lee Still Calls This ‘Crypto Spring’ Despite Bitcoin’s Pullback

Lee reiterated his view that crypto remains in the early stages of recovery from October 2025’s liquidation shock, even after Bitcoin failed to close May above his $76,000 threshold and briefly dipped below $60,000 in early June. 

He pointed to tokenization and AI-driven demand as long-term catalysts for Ethereum adoption.

BMNR Sits On A Triple-Tested Demand Zone With $17.40 As The Next Hurdle

BMNR trades 6.1% below its 20-day SMA and remains in a confirmed death cross from January, with the 50-day SMA below the 200-day SMA. 

The stock is testing a demand zone between $15 and $16 that has held three times.

Holding that zone and reclaiming the 20 EMA at $17.40 targets $19.21 then $21.88. A break below $15 opens a path toward fresh lows near $13.

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