BitMine Stock Forms Golden Cross as Ethereum Buying Spree Nears the Finish Line
BitMine Immersion (NYSE: BMNR ) stock has moved sideways since August 24, ending last week at $25, up 96% from its lowest level this year. This consolidation could set the stage for a strong comeback as Tom Lee’s company nears the end of its Ethereum (CRYPTO: ETH) buying spree. BitMine Immersion to Conclude its Ethereum Buying Tom Lee’s company is nearing a major milestone. It is about to complete its Ethereum buying spree since it now owns 5,929,198 coins, which are equivalent to 4.85% of the total supply. Unlike other treasury companies, BitMine has a target of owning 5% of the Ethereum supply, which is about 6 million tokens. It now needs to buy 70,802 coins, which are currently valued at $177 million. Read Also: Shopify Stock Lags the Market, But Top Analyst Sees a Buying Opportunity These metrics mean that BitMine will not need to raise capital through a share sale to fund its Ethereum purchases. In its last disclosure, the company said that it has over $593 million in cash and marketable securities. 🧵 1/ BitMine provided its latest holdings update for September 8, 2026 $15.7 billion in total crypto + "moonshots": — 5,929,198 ETH at $2,495 per ETH per ETH per ETH (per @coinba
BitMine Immersion (NYSE: BMNR ) stock has moved sideways since August 24, ending last week at $25, up 96% from its lowest level this year. This consolidation could set the stage for a strong comeback as Tom Lee’s company nears the end of its Ethereum (CRYPTO: ETH) buying spree. BitMine Immersion to Conclude its Ethereum Buying Tom Lee’s company is nearing a major milestone. 85% of the total supply.
Unlike other treasury companies, BitMine has a target of owning 5% of the Ethereum supply, which is about 6 million tokens. It now needs to buy 70,802 coins, which are currently valued at $177 million. Read Also: Shopify Stock Lags the Market, But Top Analyst Sees a Buying Opportunity These metrics mean that BitMine will not need to raise capital through a share sale to fund its Ethereum purchases. In its last disclosure, the company said that it has over $593 million in cash and marketable securities.
7 billion in total crypto + "moonshots": — 5,929,198 ETH at $2,495 per ETH per ETH per ETH (per @coinbase ) — 211 Bitcoin (BTC) — $180 million stake in Beast Industries @MrBeast — $91 million stake in… — Bitmine (NYSE-BMNR) $ETH $BMNP (@BitMNR) September 8, 2026 BitMine’s shareholders have endured a difficult situation as the company has used its stock to raise capital to fund its Ethereum purchases. In this process, it has increased its outstanding shares from 234 million in July last year to over 579 million today. At the same time, the company will now start to generate the maximum staking revenue by staking its 6 million tokens.
7%, meaning that its 6 million coins will start making at least 162,000 coins. At the current price, these coins would be worth $405 million. BitMine has limited expenditure. 3 million to cover the BMNP preferred shares dividend.
As such, the surplus funds can be used in dividends, share buybacks, and strategic investments. BitMine Stock Technicals Suggest More Upside BMNR stock chart | Source: TradingView The daily chart shows that BitMine stock has moved sideways in the past few weeks. 67, its highest level in March, April, and May this year. The stock has formed a bullish flag pattern.
Most importantly, it has formed a golden cross pattern, which happens when the 50-day and 200-day moving averages cross each other. Therefore, the stock will likely continue rising as bulls target the key resistance level of $41, its highest point on December 10. Read Also: Top Three Undervalued S&P 500 Stocks the Market Rally Left Behind Image: Shutterstock