Bitmine Immersion Technologies (NYSE:BMNR) bought 27,180 Ethereum (CRYPTO: ETH) last week as Chairman Tom Lee flagged a new ETH/BTC uptrend breaking out for the first time since the COVID highs.
What the Latest Purchase Shows
According to the press release, Bitmine now holds 5.96 million ETH at current prices worth roughly $14.97 billion, representing 4.9% of Ethereum’s 122 million token supply and putting the company 98% of the way to its 5% target. Key figures from the update:
- 66 consecutive weeks of ETH buying since June 30, 2025
- 5.07 million ETH staked via MAVAN platform
- $334 million projected annualized staking revenue at 2.62% yield
- $15.8 billion total crypto plus cash holdings
What Lee and DeMark Are Saying
Lee noted in the release that the ETH/BTC ratio broke above its COVID-era downtrend for the first time this year, reflecting Ethereum’s growing role as settlement infrastructure for Wall Street tokenization and agentic AI.
ETH has outperformed the S&P 500 by 5,866 basis points in Q3, with ETH, Solana, and Bitcoin ranking as the top three performing assets since June 30.
Meanwhile, DeMark Analytics founder Tom DeMark reiterated his view that late August’s sharp one-day ETH rally was a preview of a larger move ahead.
Lee also flagged the CLARITY Act vote, Korean investors rotating back into crypto, and the four-year cycle bottoming in the coming weeks as near-term catalysts. Lee will deliver the keynote at Korea Blockchain Week on Sept. 30 in Seoul.
Where BMNR Stands Technically
BMNR holds at $25.11 Monday, trading above the $23.50 to $24 breakout zone that capped every rally in April and May.
RSI at 61.27 flags a bearish divergence after price pushed to $27.30 while momentum failed to confirm, pointing to near-term caution. The 20-day EMA at $23.36 tracks closely below as the key support level to hold.
Key levels for BMNR:
- $27.35 — recent high, resistance above
- $20.96 — 50-day EMA, deeper support below
Image: Shutterstock
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