BitMine increased its holdings of 7,391 ETH units, BMNR tested key resistance levels

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BitMine increased its holdings of 7,391 ETH units last week and repurchased 3 million shares, but BMNR's share price fell back after encountering obstacles in its rebound to around US$18.63.

Summary

BitMine's holdings reached 5.81 million ETH units, accounting for approximately 4.8% of total supply. The company has pledged 5.07 million ETH pieces, with an expected annualized reward of US$194 million. BitMine repurchased 3 million shares of BMNR shares, bringing the total repurchase volume to 19.1 million shares. BMNR fell 2.44% to $18.36, still below its 100-and 200-day moving averages.

BitMine moves towards 5% Ethereum target

BitMine Immersion Technologies has acquired an additional 7391 Ethereum (ETH) units in the past week, continuing the momentum of weekly purchases since the company adopted its financial strategy in June 2025. According to a company update dated August 10, BitMine currently holds approximately 5.81 million ETH units. This position represents approximately 4.8% of Ethereum's total supply, allowing the company to achieve 96% of its 5% ownership target. The balance sheet also includes 206 bitcoins, cash, marketable securities and investments in Eightco Holdings and Beast Industries. BitMine values the total value of its crypto assets, cash and other positions at approximately $11.6 billion. The latest acquisition size is smaller than the previous week's 10,399 ETH units. A previous deal increased BitMine's financial reserves to 5.8 million ETH, while the company continued to buy back its own shares.

Pledging ETH may generate annual revenue of US$194 million

BitMine has pledged 5,067,309 ETH units, accounting for approximately 87% of its Ethereum reserves. Based on recent market prices, the position is worth approximately US$9.8 billion. The annualized rate of return on its pledge business in the past seven days was 2.63%. If this yield remains stable, BitMine expects to receive approximately US$194 million in pledge rewards every year. Pledges have become a core source of company revenue, not just an additional return on its financial reserves. In the most recent reporting quarter, BitMine generated $45.7 million in revenue through pledges and verifications, accounting for 98% of its total revenue. However, this concentrated position also brings long-term risks. BitMine's position draws a large amount of ETH from the liquid market, but its size exposes financial reserves to changes in Ethereum prices, verifier yields, and online issuance policies.

BitMine bought back another 3 million shares

BitMine also bought back 3 million shares of BMNR stock last week. Since the program was launched in July, its total repurchase volume under its $4 billion authority has reached 19.1 million shares. Chairman Tom Lee said management still believes the stock is undervalued. He believes that after the historical period when Ethereum outperformed Bitcoin, there will often be a situation where BMNR outperformed Ethereum in the following month. "We are disappointed that the CLARITY bill failed to reach a Senate vote before it adjourned in August, but financial markets seem to be more concerned about recent weak inflation and jobs data." Lee added that reduced expectations for another Fed rate hike could ease the financial environment and support crypto assets. The comments came after a weak jobs report in July lowered concerns about an immediate rate hike.

BMNR's share price encountered resistance around US$18.63.

At the close of trading on August 10, BMNR was quoted at US$18.36, down 2.44% from the opening price of US$18.75. The stock hit an intraday high of $18.86 before selling pushed it back below nearby resistance. BMNR prices remain above the rising support line and the 20-day simple moving average of $17.20. The 50-day moving average ($16.29) provides deeper support in case the rally loses momentum. However, BMNR has not yet regained its 100-day moving average ($18.63). If the daily closing price breaks through this level, it may push the stock price towards $20; if it fails to hold $17.20, the short-term rebound will come under pressure and may expose the support level of $16.29. With BMNR well below its 200-day moving average ($24.31), the overall trend remains under pressure. Aroon's index of gain was 92.86%, showing recent highs are still good for buyers, but resistance near the 100-day moving average means a continued breakthrough has not yet been confirmed.