BMNR Stock Rebound? Bitmine Tests Support as ETH Breaks $3,000
BitMine’s stock is stabilizing today despite crypto pessimism — led by Ethereum’s drop below $3,000.
Quick overview
- BitMine's stock (BMNR) has dropped 25% in a week, largely due to Ethereum's decline below $3,000.
- The company holds significant digital assets, including 3.6 million ETH and 192 BTC, positioning it as a major player in the crypto market.
- BitMine's management remains optimistic about Ethereum's long-term value and has allocated $635 million for further ETH purchases.
- Despite current market challenges, BitMine believes its strong liquidity and strategic focus on Ethereum will lead to future growth.
BitMine’s stock is stabilizing today despite crypto pessimism — led by Ethereum’s drop below $3,000.
BitMine Opens the Week in the Red as Crypto Weakness Builds
BitMine (NASDAQ: BMNR) kicked off the week on a sharply negative note, falling 11% on Monday and extending its weekly decline to more than 25%. The downturn comes as Ethereum slid back under the psychologically important $3,000 mark while Bitcoin pushed toward $90,000 in a volatile divergence that has pressured risk assets across the board.
After more than a month of steady losses, BMNR now trades near the last major support around $30, where the 200-day simple moving average sits. A decisive break below this level could expose the stock to the next support zone near $22–$23, the highs recorded in June.
BMNR Chart Daily – Can the 100 SMA Hold?
Despite its large and growing crypto holdings, the market has remained unforgiving, and a broader improvement in digital-asset sentiment may be necessary to spark a sustainable rebound.
Treasury Strength Remains a Key Advantage
BitMine recently confirmed $11.8 billion in total assets, anchored by its substantial digital holdings. The company owns 3.6 million ETH, 192 BTC, and $607 million in cash, giving BMNR control of roughly 2.9% of Ethereum’s circulating supply — a significant milestone on its path toward a 5% target. Management also highlighted a $37 million position in Eightco Holdings, part of its strategic “moonshots” portfolio.
These disclosures emphasize BitMine’s position as one of the most influential corporate holders of digital assets and reinforce its ambition to expand crypto net asset value (NAV) per share at a faster rate than industry peers. While a weaker market has overshadowed these achievements, BitMine maintains that its liquidity profile, balance-sheet strength, and disciplined acquisition strategy leave it well positioned once digital assets find firmer footing.
Long-Term Vision Anchored in Ethereum Accumulation
The company’s latest Chairman’s letter outlined five structural drivers behind the ongoing four-year crypto cycle, with BitMine concluding that two of these factors hold meaningful predictive power for estimating the next major market peak — expected sometime between 2026 and 2028.
Leadership continues to express deep conviction in Ethereum’s long-term value, guided by insights from Fundstrat’s Tom Lee. BitMine believes ETH will ultimately emerge as a widely adopted reserve asset for corporate balance sheets and is positioning aggressively ahead of that shift. To support this vision, the firm has earmarked $635 million for additional ETH purchases, even as market turbulence challenges near-term sentiment.
BitMine’s strategy remains unapologetically Ethereum-centric — a stance that could pay off significantly if the broader market stabilizes and resumes its upward cycle.
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