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BitMine Immersion Technologies Inc. (NASDAQ:BMNR) has doubled down despite the Ethereum (CRYPTO: ETH) crash, scooping up 96,798 ETH last week, saying the company is only "two-thirds" of the way to long-term dominance.
Chairman Tom Lee said the company bought roughly $273 million worth of Ethereum last week, marking a 39% increase from its prior weekly buying pace.
BitMine's combined assets — including crypto, cash and equity stakes — now total $12.1 billion, powered largely by what Lee calls the world's largest Ethereum treasury.
The Block's data dashboard shows BitMine's ETH stack fell from almost $14 billion in October to about $9.7 billion after a month-long, 30% drawdown in Ethereum prices.
Lee said the upcoming Fusaka upgrade on Dec. 3 and the Federal Reserve's plan to end quantitative tightening both support further accumulation.
He pointed to these catalysts as strengthening the case for renewed buying momentum.
Lee said the market has regained its footing in the seven weeks since the October liquidation event.
He also highlighted progress on the company's MAVAN staking network, which is expected in early 2026.
BitMine also reported holdings of 192 BTC, $882 million in unrestricted cash and a $36 million stake in Eightco Holdings.
The firm will hold its annual shareholder meeting on Jan. 15, 2026, at the Wynn Las Vegas.
It said it will use the event to deliver deeper updates on its treasury strategy and staking infrastructure.
Shares have dropped nearly 25% over the past month to around $33.12, according to The Block.
BMNR Price Analysis (Source: TradingView)
BitMine’s stock fell nearly 10% on Monday, sliding toward the apex of a tightening symmetrical triangle that has shaped price since July.
Shares now sit directly on the long-term ascending support line near $29 — a zone that has held the pattern together since early summer.
BMNR remains capped under a firm downtrend line from the October peak, with every rebound failing beneath the 20-day EMA near $35.
Short-term EMAs continue to slope downward, and the 50-day and 100- and 200-day EMAs clustered around $40–$41 form a heavy resistance ceiling.
Parabolic SAR remains bearish with dots above price since mid-November, signaling that sellers still control momentum.
The compression between the declining trendline and rising base suggests a decisive breakout is close.
If buyers defend the $29 support area, the next objective is a break above $33–$34, the downtrend line that halted each rally.
Clearing that area would open a move toward the 20-day EMA at $35 and eventually the $41 region, where several key EMAs converge.
A failure to hold the rising support line exposes $25, aligning with the SAR pivot from early July and marking a deeper structural breakdown.
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