BitMine Technologies (NASDAQ: BMNR), the institutional Ethereum treasury firm led by Tom Lee, has significantly increased its staking activity, adding 171,264 ETH worth approximately $500 million to its staked holdings. According to on-chain data from Lookonchain, this move brings BitMine's total staked Ethereum to 1,943,200 ETH, valued at roughly $5.71 billion.
The company's overall Ethereum holdings now stand at 4 million ETH, representing nearly 3.5% of the total ETH circulating supply. BitMine has publicly stated a goal to increase this ownership to 5%. In a January 2026 shareholder update, Tom Lee projected that the firm's ETH treasury could generate over $400 million per year in staking income.
Despite this aggressive accumulation and staking strategy, BitMine's stock (BMNR) fell 1.07% to $29.04. Analysts attribute the muted market reaction to dilution concerns overshadowing the positive ETH signal. At a shareholder meeting on January 15, an amendment was approved to significantly increase the company's authorized share count, effective January 16. While management maintains a policy against selling shares below net asset value (NAV), the market is discounting the per-share claim on the ETH treasury due to the potential for future share issuance to fund further purchases.
Technical analysts have identified a potential double bottom formation for BMNR stock, with support tested near the $27-$28 range. Analysts from Tiger Line Trading, Urkel, and Altcoin Ltd. have noted bullish reversal signals, such as a hammer candle, suggesting the stock could be in a "good buying zone" and poised for a move back toward the mid-$30s if momentum picks up.
The performance of BMNR stock remains tightly linked to Ethereum's price. ETH has recently slipped below the $3,000 level amid a broader market correction. Analysts note that for BMNR to rally, a strong recovery in ETH price is essential. Some, like Merlijn The Trader, remain bullish on ETH's long-term prospects, calling it a "sleeping giant" with bullish weekly chart signals, including tightening compression and a MACD turning positive.
