BitMine's Smallest Ethereum Purchase in Months Boosts BMNR Stock
BitMine Immersion Technologies (BMNR) reported its sixth-smallest Ethereum (ETH) purchase on record last week, acquiring 15,112 ETH worth approximately $41 million. This brings the company's total holdings to 6.02 million tokens, representing 4.9% of Ethereum's supply. Chairman Tom Lee emphasized that the purchase was part of the largest crypto treasury equity buyback, highlighting the company's consistent buying strategy since June 30, 2025.
Despite the smaller purchase, BMNR stock saw a slight uptick on Monday, rising over 2% during midday trading. Ethereum's price also experienced a rally, reducing its year-to-date loss to its smallest since January. At the time of writing, ETH was trading at $2,701. Lee framed the week around consistency, noting that BitMine's track record of weekly crypto purchases is unmatched by any public company.
BitMine remains the largest corporate holder of Ethereum, with 5.07 million ETH staked and projected annual staking revenue of $363 million. The company's total crypto, cash, and other holdings increased to $17.4 billion, primarily due to Ethereum's price appreciation rather than fresh buying. Lee also pointed out that BMNR's share performance has outperformed Ethereum's, falling only 3% compared to Ethereum's 10% decline over the first nine months of 2026.
On Stocktwits, retail sentiment around BMNR remained in the ‘bearish’ zone, while chatter stayed at ‘normal’ levels. Ethereum's sentiment moved to the ‘neutral’ to ‘bullish’ zone, reflecting the recent price recovery.