BitMine ETH Holdings Keeps Soaring, BMNR Stock Keeps Falling – Can $30 Hold?
BitMine Immersion Technologies has built one of the world’s largest Ethereum treasuries, but its stock is reeling as crypto volatility weigh
Quick overview
- BitMine Immersion Technologies has built one of the largest Ethereum treasuries, holding nearly 1.87 million ETH valued at around $8.1 billion.
- Despite aggressive accumulation, BMNR's stock has faced significant volatility, dropping nearly 8% as Ethereum prices fell.
- The company's stock is currently testing critical support levels at $40, with potential downside risks toward $30 and $20 if selling continues.
- Management aims to secure up to 5% of Ethereum's circulating supply, reflecting their long-term confidence in the asset's value.
BitMine Immersion Technologies has built one of the world’s largest Ethereum treasuries, but its stock is reeling as crypto volatility weighs on sentiment.
Ethereum Correlation and Market Pressure
BitMine Immersion Technologies (NASDAQ: BMNR) extended its Ethereum holdings to record highs this month, yet renewed selling pressure has shaken confidence. On Tuesday, BMNR shares dropped nearly 8% as Ethereum slid 5% (about $200), sending the stock back to $40—the lowest point in over a month and erasing the prior day’s gains.
The 50-day simple moving average acted as firm resistance earlier in the week, confirming a bearish shift in momentum. Sellers are now pressing against the $40 level, with $30 identified as the next target if this support breaks.
BMNR Chart Daily – The 50 SMA Turned Into Resistance
Expanding Ethereum Treasury
Despite the volatility, BitMine continued to accumulate aggressively. The company, led by Tom Lee of Fundstrat, added over 150,000 ETH last week, bringing its total holdings to nearly 1.87 million tokens, valued around $8.1 billion. It also set aside $635 million in cash for additional acquisitions.
This accumulation places BitMine as the second-largest public crypto treasury globally—behind only MicroStrategy’s Bitcoin reserves—while surpassing rivals such as ETHZilla and The Ether Machine. Management reiterated its long-term ambition to secure as much as 5% of Ethereum’s circulating supply, underscoring its conviction that ETH will remain a core balance sheet asset.
Technical Outlook: Support and Rebound Scenarios
BMNR has been one of the most volatile names this summer, skyrocketing from below $5 in July to $161 before crashing back toward $30. After briefly reclaiming $70 in early August, the stock has since broken under both the 20-day and 50-day moving averages.
Key levels now stand at $40 and $30, with deeper downside risk toward $20 if selling accelerates. On the upside, a rebound above support could open the door for another test of $70, particularly if Ethereum stabilizes. A sustained move at that level would suggest renewed buying momentum and a potential shift into a consolidation phase.
Outlook: BitMine’s massive Ethereum bet is a bold statement of confidence in the token’s future, but its stock remains at the mercy of crypto market swings. While the company’s treasury strategy sets it apart from peers, the challenge will be weathering near-term volatility without eroding investor trust. With $40 acting as a critical line in the sand, the coming weeks may determine whether BMNR stabilizes—or continues its steep descent.
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