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BitMine Immersion Technologies Inc. (NYSE:BMNR) has added another 69,822 Ethereum (CRYPTO: ETH) to its treasury, pushing its holdings to 3.63 million as it accelerates plans for a 2026 "Made in America" validator network.
In a press release published on Monday, BitMine said its crypto, cash and "moonshot" assets now total $11.2 billion, driven primarily by 3.63 million Ethereum tokens worth about $10.3 billion at recent prices.
The company also holds 192 Bitcoin (CRYPTO: BTC), an $800 million cash position and a $38 million stake in Eightco Holdings.
Chairman Thomas "Tom" Lee said BitMine now controls 3% of the Ethereum network supply, noting the firm purchased 69,822 ETH in the past week alone.
He added that the company's Made in America Validator Network is expected to launch in early 2026 to support staking infrastructure for long-term yield generation.
The company said it remains the world's largest Ethereum treasury and the second-largest cryptocurrency treasury overall, behind Strategy Inc. (NASDAQ:MSTR), which holds 649,870 Bitcoin valued at $57 billion.
Lee reiterated his view that Ethereum is entering a "supercycle" and said the recent pullback has created what he considers an attractive risk-reward setup.
BitMine also compared the regulatory shift expected in 2025, including the GENIUS Act and the SEC's Project Crypto, to the end of the Bretton Woods system in 1971.
The company described the current environment as a pivotal moment in the modernization of the U.S. financial system.
BMNR Stock Price Action (Source: TradingView)
The stock trades near $27.96 after sinking more than 57% from its early October levels, with sellers keeping firm control of the short-term structure.
The stock sits below all major moving averages, with the 20-, 50-, 100- and 200-day EMAs stacked between $33.84 and $42.73.
Each attempt to break above these levels has failed, reinforcing a downward trend.
Bollinger Bands show price consistently riding the lower band through November, signaling trend pressure rather than consolidation.
The long-term support zone sits near $22.92, a level that acted as a base during previous accumulation phases.
A bounce from this region could send the stock toward $30–$33, where the 20-day EMA and descending trendline converge.
A breakdown below $22.92, however, may expose lower support with limited nearby footing on the chart.
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