BitMine Immersion Technologies expanded its Ethereum treasury and accelerated its share buybacks last week, while BMNR stock jumped nearly 11% on Monday as ETH reclaimed $1,900.
Summary
- BitMine acquired 9,946 ETH, raising its total holdings to 5.79 million ETH.
- The company now controls 4.8% of Ethereums total supply, nearing its 5% threshold.
- BitMine repurchased 6.1 million BMNR shares, bringing total buybacks to 11.6 million.
- BMNR gained 10.89% to $17.51, but still faces resistance near its 100-day average.
BitMine adds 9,946 ETH to its treasury
BitMine disclosed Monday that it purchased 9,946 ETH during the previous week, extending a weekly buying streak that began at the start of 2026.
The latest acquisition increased the company‘s holdings to 5,787,414 ETH, equivalent to approximately 4.8% of Ethereum’s total supply. That puts BitMine close to its stated goal of owning 5% of all ETH in circulation.
The purchase also marked an increase from the prior week, when the company acquired 7,430 ETH. BitMines latest addition came as Ethereum recovered above $1,900 and reached its highest price in ten weeks.
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Most of the companys ETH is generating staking rewards. BitMine has staked 4,917,189 ETH, worth around $9.6 billion and representing about 85% of its total Ethereum holdings.
Staking allows BitMine to earn network rewards on its treasury assets, although the strategy also leaves its valuation heavily exposed to changes in the ETH price.
Share repurchases rise as ETH/BTC ratio strengthens
BitMine also bought back 6.1 million of its own shares last week, up from the 5.5 million shares repurchased during the previous week.
The latest transaction brought cumulative purchases under its $4 billion repurchase program to 11.6 million shares. Chairman Tom Lee linked the larger buyback to the recent improvement in the ETH-to-Bitcoin ratio, which measures Ethereums relative performance against BTC.
“In fact, this ratio is now at a 3-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices.”
Lee added that Ethereums next notable price levels could be $2,000 and $2,500, citing targets identified by technical strategists. He also referenced BitMine adviser Tom DeMark, who sees those levels as possible near-term targets if Ethereum continues to follow its comparison with the S&P 500 after October 1987.
Those projections remain dependent on Ethereum maintaining its recovery. A renewed crypto market decline would affect both the value of BitMines treasury and investor demand for BMNR.
BMNR stock tests resistance after 10.89% gain
BMNR closed at $17.51 on July 27, gaining 10.89% during the session after trading between $16.67 and $18.02, according to the TradingView daily chart.
Bitmine price daily chart | Source: TradingView
The stock has remained above a rising support trendline drawn from its late-June low. It also closed above the 20-day simple moving average at $15.49 and the 50-day average at $16.59, showing an improving short-term structure.
However, BMNR remains below its 100-day average at $18.95. A sustained move above that level could strengthen the recovery and expose the $20 area, while the 200-day average remains much higher at $26.13.
The average directional index stands at 17.22. An ADX reading below 20 suggests the rebound has not yet developed into a strong directional trend, leaving the stock vulnerable to further consolidation.
What the move means for US investors
BitMine gives US equity investors indirect exposure to Ethereum through a publicly traded stock, but BMNR also carries company-specific risks that direct ETH holders do not face. Its performance depends on Ethereum prices, staking income, treasury management, and the effect of share repurchases on its capital structure.
Institutional interest has also increased. As crypto.news reported last week, Cathie Woods ARK Invest purchased 5,264 BMNR shares through its flagship ARK Innovation ETF. ARK allocated about $251,500 across BitMine shares and the 3iQ Solana Staking ETF through three funds.
BitMines next key milestones are reaching the 5% ETH supply threshold and clearing the $18.95 technical resistance level. Progress on either front could shape whether BMNR extends its rebound or returns to its recent trading range.