BitMine Nears 5% Ethereum Ownership Goal Amid Stock Resistance

The company’s latest acquisition follows a consistent buying strategy initiated in June 2025. With its current stash valued at approximately $11.6 billion, BitMine is now within reach of its stated goal to control 5% of all circulating Ethereum. A significant portion of these assets—5.07 million ETH—is currently staked, generating a 2.63% annualized yield that the firm projects will result in $194 million in annual rewards. Staking has evolved into the company's primary revenue driver, accounting for 98% of income in the most recent quarter.

Management remains bullish on BMNR's valuation, evidenced by the repurchase of three million shares last week. Chairman Tom Lee cited the potential for BMNR to outperform Ethereum following periods of relative strength in the crypto asset. However, market performance tells a more cautious story. BMNR fell 2.44% to $18.36 on August 10, failing to clear its 100-day moving average. While the stock remains above its 20-day support at $17.20, it faces a long road to recovery, trading significantly below its 200-day average of $24.31.