Bitmine Immersion Technologies (NYSE:BMNR) bought 10,399 Ethereum (CRYPTO: ETH) last week as Chairman Tom Lee pointed to ETH’s strongest monthly Nasdaq outperformance in a year.
Why Lee Is Buying More ETH Right Now?
Lee said in a Monday company update that ETH outperformed the Nasdaq 100 by 2,500 basis points in July, the largest margin since July 2025.
He noted that last July, ETH rallied from $2,375 to above $4,000 by the end of August, and argued that strong relative ETH performance has historically preceded gains in BMNR shares since the company adopted its Ethereum treasury strategy.
Where Bitmine’s Holdings Stand?
Bitmine now holds 5,797,813 ETH worth roughly $10.9 billion, representing 4.8% of Ethereum’s total circulating supply and sitting 96% of the way to the company’s stated goal of owning 5%.
Total holdings including cash, marketable securities, and investments stand at $11.3 billion.
Of the 5.8 million ETH, 4,917,189 are staked through MAVAN, Bitmine’s institutional-grade validator platform, generating a 7-day annualized yield of 2.67% and projecting $247 million in annualized staking revenues. At full deployment, projected staking rewards reach $291 million annually.
Alongside the ETH purchase, Bitmine repurchased 4.5 million common shares last week, bringing total repurchases since July 1 to 16.1 million shares under its $4 billion buyback program.
Lee called it the largest common stock buyback ever executed by any Ethereum, Bitcoin (CRYPTO: BTC), or crypto digital asset treasury.
Moreover, Bitmine’s institutional backers include ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital, with Lee himself a personal investor.
Where Does BMNR Stand Technically?
BMNR pulls back to $17.04 Monday after last week’s push toward $18 ran into the descending trendline that has capped every rally since January 2026.
The Supertrend flipped green at $14.45 in July, the first bullish signal in months, and remains intact.
The 20-day EMA at $16.58 and 50-day EMA at $16.98 are converging just below price as a tight support cluster.
Key levels for BMNR:
- $17.50 — descending trendline, a daily close above this changes the near-term read
- $19.15 — 100-day EMA, next resistance above
- $16.58 to $16.98 — EMA cluster support to hold
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