Bitmine Buys 101,901 Ethereum As ETH Holdings Cross 5 Million In World Record Push

Bitmine Immersion Technologies (NYSE:BMNR) acquired 101,901 Ethereum (CRYPTO: ETH) last week, pushing total holdings to 5.078 million ETH worth $12 billion.

The 5% Target Within Reach

Bitmine now owns more than 4.21% of the total ETH supply of 120.7 million tokens and is 84% of the way to its goal of acquiring 5% in just 10 months. 

Total crypto and cash holdings stand at $13.3 billion, including 200 Bitcoin, $200 million in Beast Industries, $91 million in Eightco Holdings (NASDAQ:ORBS), and $940 million in cash.

Tom Lee, Chairman of Bitmine, called the pace of accumulation astonishing. 

Last week’s purchase marked the highest buying pace since December 15, 2025, as Bitmine accelerates toward its 5% target during what Lee describes as the final stages of the “mini-crypto winter.”

The War-Time Store Of Value

Lee highlighted that ETH has outperformed the S&P 500 (NYSE:SPY) by 1,696 basis points since the Iran War started and remains the single best performing asset in the world beside crude oil prices.

“Several recent research reports, including the latest research by Etherealize, argue ETH is a ‘store of value’ and will be held as collateral as digital assets are increasingly used in financial transactions,” Lee said.

Lee added that Ethereum continues to benefit from dual tailwinds—Wall Street tokenizing on the blockchain and agentic AI systems increasingly needing public and neutral blockchains.

The MAVAN Staking Platform

Bitmine recently launched MAVAN (Made in America Validator Network), an institutional-grade staking platform. 

As of April 26, Bitmine has staked 3,701,589 ETH worth $8.8 billion at $2,369 per ETH—more than any other entity in the world.

At full scale, projected ETH staking rewards total $363 million annually using a 3.033% 7-day yield. 

Annualized staking revenues currently stand at $264 million. The staked ETH represents about 73% of Bitmine’s 5.08 million total holdings.

The Nine-Month Resistance Test

BMNR has been inside a massive descending channel since July 2025, and current price is sitting right at the upper boundary near $22-$23.

This is the same trendline that has rejected every rally attempt for nine straight months.

The fact that price has been hugging this line for three weeks rather than getting immediately rejected is different behavior. 

The 20 EMA at $21.66 and 50 EMA at $22.23 are tight with price, creating a narrow range. SAR at $20.79 remains below, keeping the short-term bias slightly bullish.

Support sits at $21.66, then $20.79, and $20.00. Resistance stands at $22.23 and $23.00, followed by $25.36 and $27.53.

A clean break above $23 would signal a shift. Until then, the channel is still in control.

Image: Shutterstock