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Bitmine Immersion Technologies (NYSE: BMNR) acquired 71,524 ETH last week, bringing its total holdings to 4.875 million ETH, equivalent to 4.04% of total ETH supply.
Bitmine now owns 4.04% of the total ETH supply of 120.7 million coins. The company said this places it 81% of the way to its “Alchemy of 5%” target in just 9 months.
Last week’s purchase of 71,524 ETH was reported as the highest buying pace since late December. Chairman Tom Lee said Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, adding that its base case is that ETH is in the final stages of the “mini-crypto winter.”
Bitmine has put 3.334 million ETH into staking, which it values at $7.4 billion at current prices. The company stated that no other entity has staked more ETH.
Staking currently generates $212 million per year in revenue. Bitmine said that once it stakes all its ETH through MAVAN and its partners, annual revenue would rise to $310 million, based on a 2.89% yield.
Bitmine also launched MAVAN (Made in American Validator Network), an institutional-grade staking platform. The company said it built MAVAN for its own treasury but plans to open it to institutional investors, custodians, and other partners.
ETH has been the best performing asset since the start of the Iran war, gaining 17.4% and outperforming the S&P 500 by 1,830 basis points.
Lee said ETH beating gold by 2,743 basis points shows ETH is the wartime store of value. He added that Ethereum is benefiting from dual tailwinds: Wall Street tokenizing on the blockchain and agentic AI systems increasingly needing public and neutral blockchains.
After a historic July 2025 spike to $143 followed by a collapse, BMNR has spent months grinding toward a base. The Bollinger Bands have compressed to their tightest point since before the spike, with the upper band at $23.35, the midline at $20.75, and the lower band at $18.15—within a $5 range.
The SAR at $18.08 sits below price, maintaining a short-term bullish signal that flipped last week. Price is pressing against the upper Bollinger Band at $23.35; a close above it would signal the first meaningful breakout in months.
Key support levels are $20.75 (BB mid), $18.15 (lower BB), and $18.08 (SAR). Resistance is clustered at $23.35 (upper BB), then $29.60, and $35.00.

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