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ETH BitMine expands Ethereum reserves and accelerates share buybacks, BMNR rose nearly 11% on Monday
BitMine Immersion Technologies expanded Ethereum reserves and accelerated share buybacks last week. BMNR shares rose nearly 11% on Monday as ETH returned to $1,900.
Summary
BitMine increased its holdings by 9,946 ETH units, increasing its total holdings to 5.79 million ETH units.
The company currently holds 4.8% of Ethereum's total supply, close to the target threshold of 5%.
BitMine repurchased 6.1 million BMNR shares, bringing the total repurchase volume to 11.6 million shares.
BMNR rose 10.89% to US$17.51, but still faces resistance near its 100-day moving average.
BitMine increased its holdings of 9,946 ETH units
BitMine disclosed on Monday that it purchased 9,946 ETH units last week, continuing the weekly buying momentum that began in early 2026. This increase brought the company's holdings to 5,787,414 ETH units, accounting for approximately 4.8% of Ethereum's total supply, close to its established goal of holding 5% of the total ETH in circulation. The purchase volume was also higher than the previous week's 7,430 ETH units. BitMine completed its latest increase in holdings as Ethereum rebounded above $1,900 and hit a ten-week high.
Most of the company's ETH is generating pledge income. BitMine has pledged 4,917,189 ETH units worth approximately US$9.6 billion, accounting for 85% of its total Ethereum holdings. Pledges allow BitMine to receive online rewards from its reserve assets, but this strategy also exposes its valuation to ETH price fluctuations.
ETH/BTC ratio strengthened, share buybacks increased
BitMine also repurchased 6.1 million shares of its own stock last week, up from 5.5 million shares the previous week. The latest transaction brings the company's cumulative repurchase volume under its $4 billion repurchase program to 11.6 million shares. Chairman Tom Lee linked the larger buybacks to recent improvements in the ETH to Bitcoin ratio, which measures Ethereum's performance relative to BTC. "In fact, the ratio is currently at a three-month high of 0.3000, which we think bodes well for future strength in ETH prices," he said. Lee added that the next key price levels for Ethereum could be $2,000 and $2,500, citing the goals of technology strategists. He also mentioned BitMine consultant Tom DeMark, who believes these levels could become near-term targets if Ethereum continues to follow its post-October 1987 comparative trend with the S & P 500 index. These forecasts still depend on whether Ethereum can maintain its recovery momentum. Another decline in the cryptocurrency market will affect the value of BitMine reserves and investor demand for BMNR.
BMNR shares test resistance after rising 10.89%
According to the daily chart, BMNR closed at US$17.51 on July 27, with an intraday trading range of US$16.67 to US$18.02, up 10.89% on the day. The stock remained above the upward-supporting trend line formed since its late June low and closed above its 20-day simple moving average ($15.49) and 50-day moving average ($16.59), indicating an improvement in the short-term structure. However, the BMNR is still below its 100-day moving average ($18.95). Continued breakthroughs in this level could strengthen the rebound and challenge the $20 area, while the 200-day moving average is well above $26.13. The average trend index is 17.22, and a value below 20 indicates that the rebound has not yet formed a strong trend direction and the stock is still at risk of further consolidation.
What the move means for U.S. investors
BitMine provides U.S. equity investors with a channel to indirectly invest in Ethereum through publicly traded stocks, but BMNR also assumes specific corporate risks that direct ETH holders do not have to face. Its performance depends on the impact of Ethereum prices, pledge earnings, reserve management and share buybacks on the capital structure. Institutional interest has also increased. Last week, Cathie Wood's ARK Invest reportedly purchased 5,264 shares of BMNR through its flagship fund ARK Innovation ETF. ARK has allocated approximately $251,500 to BitMine shares and the 3iQ Solana Staking ETF through three funds.
BitMine's next key milestone is reaching the 5% ETH supply threshold and breaking the technical resistance level of $18.95. Any development in these two areas could determine whether BMNR continues its rebound or returns to its recent trading range.
