BitMine Adds 138,000 ETH, But BMNR Still Down 60% From The Highs

BitMine Immersion Technologies Inc. (NYSE:BMNR) on Monday announced having purchased 138,452 Ethereum (CRYPTO: ETH) as BMNR attempts to stabilize after a steep multi-month decline.

Company Expands Crypto Treasury To More Than 3.86 Million ETH

According to a press release, BitMine now holds 3.86 million ETH, or more than 3.2% of the total supply, alongside $1 billion in cash and 193 Bitcoin (CRYPTO: BTC).

The company said its combined crypto, cash, and "moonshot" assets total $13.2 billion. 

Chairman Thomas "Tom" Lee said the accelerating accumulation reflects confidence that Ethereum prices will strengthen on the back of multiple catalysts.

Lee pointed to the December Fusaka upgrade, which he said improves scalability and usability, and the Federal Reserve's expected rate cut on Dec. 10 as near-term market drivers. 

BitMine also plans to launch a staking infrastructure solution in early 2026.

The company has become one of the largest Ethereum treasuries globally, with ownership levels approaching a 5% goal. 

Stock Attempts To Stabilize After Prolonged Slide

BMNR Stock Price Action (Source: TradingView)

The spending spree comes while BMNR stock is still down roughly 60% from its late-summer highs, despite a 45% bounce off its November lows.

BMNR has found support near the $30–$32 area, with repeated buying activity helping to form a base.

The stock is currently struggling to hold above key moving averages clustered between $34 and $40. 

$40 Is The Make-Or-Break Level For Momentum Traders

BMNR Stock Price Dynamics (Source: TradingView)

The 4-hour chart shows a heavy supply zone between $47 and $55, created by months of trading volume earlier in the year.

Many traders who bought in that region are still stuck at losses.

When price returns there, they are likely to sell to break even, not hold for upside.

That makes this zone difficult to clear without a strong catalyst or heavy volume.

A breakout here would show buyers are willing to pay higher prices, not just defend support.

Failure to break $39–$41 could see price drift back toward $32, with deeper downside risk to $30 if sentiment weakens.

Read Next:

• Is Corpay Poised For More Bullish Momentum Ahead?

Image: Shutterstock