TLDR
- Bitmine stock traded at $20.14 on Monday, down slightly, after the company announced another ETH buy.
- Bitmine added 8,573 ETH last week and now holds 6,060,506 ETH, or 4.9% of supply.
- Tom Lee called the muted market reaction to the $6.3 billion Binance hack “very constructive.”
- BMNR found support near $20 after a ten-week low, but momentum still leans bearish.
- Bitmine reports Q4 earnings on Nov. 20.
Bitmine (BMNR) stock traded at $20.14 on Monday, down slightly. The move followed the company’s latest Ethereum purchase.
Bitmine Immersion Technologies, Inc., BMNR
Bitmine bought 8,573 ETH between Oct. 26 and Oct. 30. That brings its total to 6,060,506 ETH.
The stack equals 4.9% of ether’s total supply. At $2,261 per ETH, it was worth about $13.7 billion.
Bitmine has staked 5,227,037 ETH, worth $11.8 billion. That is about 86% of its position.
The company projects $358 million in annualized staking revenue at current levels. If all its ETH were staked, that would rise to $415 million.
Bitmine also holds 216 BTC and a $180 million stake in Beast Industries. It has an $82 million investment in Eightco Holdings too.
Cash and marketable securities came to $498 million. Total crypto, cash, securities and other investments reached $14.5 billion as of Nov. 1.
Tom Lee Weighs In on the Binance Hack
Chairman Tom Lee also spoke about the $6.3 billion Binance hack. He said ETH has fallen about 4% since the incident was disclosed.
On the day the $1.5 billion Bybit theft was announced in February 2025, ETH dropped 8%. It later fell 20% within a week.
“While this is a terrible development, in my view, the relatively muted crypto market reaction is very constructive,” Lee said. He compared the response with the market’s reaction to past large thefts.
Lee gave six reasons for the calm. They include Binance’s ability to cover losses, no DeFi protocol failures, and quick industry action that cut losses by 50%.
In another X post, Lee said the market may be nearing a bottom. He pointed to falling yields and oil prices, cautious sentiment, and stocks bottoming during a US midterm cycle.
The crypto fear and greed index has dropped from 68 in late October to 37. That reading signals fear.
Where BMNR Stock Stands
BMNR hit a ten-week low before finding support near $20. On the weekly chart, support sits at $18.93, with $15 below it.
Resistance is at $22. The weekly MACD line is below its signal line.
On the four-hour chart, RSI is 36 and CMF has turned negative. Bitmine plans to stop buying ETH once it reaches 5% of supply.
In Q3, Bitmine reported $45.7 million in revenue, with staking making up 98% of it. ETH traded at $2,281.41 on Monday, up 0.87% over 24 hours.
Bitmine will report Q4 earnings on Nov. 20.
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