Bitmine Immersion Technologies (BMNR) purchased 42,197 Ether between June 29 and July 3, boosting its corporate treasury to 5,742,237 ETH. The company said the holdings now represent roughly 4.8% of Ethereum's circulating supply, reinforcing its status as one of the largest corporate holders of the cryptocurrency. Shares climbed 4.28% to $14.98 at the time of writing, touching a session high of $15.04.
85% Staked, Estimated Annual Yield of $235M
Bitmine also expanded its staking portfolio. Approximately 4,879,157 ETH (85% of the treasury) is currently staked, generating an estimated annual staking yield of around $235 million. The firm has steadily positioned itself as an Ethereum-focused treasury company rather than a traditional mining business, with management committed to increasing the portion of assets committed to staking for recurring on-chain income.
Sharp Contrast with Strategy
While Bitmine's stock rallied, Strategy (formerly MicroStrategy) fell 1.17% after selling 3,588 BTC to repurchase its STRC preferred stock. The opposite moves show investors favoring Bitmine's expanding Ethereum treasury strategy while reacting cautiously to Strategy's latest capital allocation decision.
Chairman Tom Lee Bullish on U.S. Equities
Bitmine Chairman Tom Lee appeared on CNBC's Squawk Box, stating that companies reporting third-quarter earnings later this month are likely to exceed Wall Street expectations. He argued such results could support another leg higher for stocks, reiterating his view that the S&P 500 could climb from around 7,500 to 8,000 before the end of 2026. Bitmine's earnings report for the April–June 2026 quarter is scheduled for July 29, with Wall Street estimates projecting about $45 million in revenue.
Technicals: MACD Bullish Crossover, 20 SMA as Key Resistance
BMNR has staged a strong rebound after breaking above its recent consolidation range near $14.30. The stock now approaches the 20-period simple moving average around $15.94, which serves as the first major resistance. A sustained move above that average could open the way toward the 50-period moving average near $18.49. However, the stock remains below its 100- and 200-period moving averages, indicating the longer-term trend is not yet bullish.
The 4-hour MACD has completed a bullish crossover, with expanding green histogram bars signaling accelerated buying pressure after the breakout. Failure to hold above the breakout area near $15 could invite profit-taking and send the stock back toward support around $14.30. The recent swing low near $13 remains the next significant downside level if sellers regain control.