Bitmine Buys 28,086 ETH for $69.5 Million, BMNR Next Target $27?

Bitmine Immersion Technologies purchased 28,086 Ethereum for approximately $69.5 million last week, with Chairman Tom Lee stating that ETH is poised for a strong upward move.

What the Latest Accumulation Signals

According to a press release issued Tuesday, Bitmine now holds 5.93 million ETH, valued at approximately $14.8 billion at current prices, representing 4.9% of Ethereum's total supply of 122 million ETH.

Since launching its treasury strategy on June 30, 2025, the company has bought ETH every week, a consecutive buying streak unmatched by any other publicly listed company.

Total crypto-plus-cash holdings now stand at $15.7 billion, with 5.07 million ETH staked through its MAVAN platform, generating an estimated annual staking income of $330 million based on a 7-day yield of 2.61%.

Tom DeMark's View on ETH's Next Move

Tom DeMark, founder of DeMark Analytics and capital markets advisor to Bitmine, said in the press release that ETH consolidated throughout August without breaking lower, which invalidated a 12-day bearish indicator, implying the prior uptrend remains intact.

He described last week's sharp single-day rally as a possible preview of the upcoming advance and expects ETH to see significant upside in the coming weeks.

Why Lee Believes Institutions Are About to Act

Lee noted in the press release that 4 of the 21 best-performing stocks in the Russell 1000 this quarter are crypto-related, while ETH has outperformed the S&P 500 by 5,430 basis points in the third quarter.

BMNR itself ranks fourth in the Russell 1000, up 99% quarter-to-date, versus a gain of just 3% for the benchmark index.

Lee believes fund managers benchmarked to the Russell 1000 now need to assess whether their crypto exposure is sufficient, given the sector's outsized contribution to the index's quarterly gains.

He pointed to multiple upcoming catalysts, including the Clear Act scheduled for a mid-September vote, Korean investor funds rotating back into crypto from AI stocks, and the four-year cycle bottoming in the coming weeks.

BMNR Price Analysis: Key Levels to Watch

BMNR was at $24.80 on Monday, consolidating above the $23-$24 breakout zone that served as a price ceiling in April and May.

The 20-day and 50-day exponential moving averages are both trending steadily higher below price, providing rising support, while the 200-day EMA at $22.31 has now been reclaimed.

BMNR Key Levels:

$26.88 — Recent high; a breakout would open new multi-month highs

$23-$24 — Breakout retest zone; must hold