BitMine is trading near a major technical breakout as its Ethereum accumulation strategy approaches a notable milestone. The stock changed hands at $27.82, far above its year-to-date low of $12.80 and above the key $26.90 resistance level from August 27. According to chart analysis, BMNR has formed a bullish flag and is on the verge of a golden cross, where the 50-day and 200-day exponential moving averages are set to cross. This would be the first such signal since July of last year. With the price also holding above the Supertrend indicator, bulls are targeting $34.31, the January high, which would represent a roughly 24% advance.
On the crypto side, BitMine now controls more than 6 million ETH, equivalent to about 4.9% of Ethereum’s circulating supply of roughly 122.1 million tokens, after making additional purchases last week. The company has been dollar-cost averaging into Ethereum for 15 months and needs only a few more purchases to reach its 5% target. CEO Tom Lee said the company is seeing 'affirming signs that a crypto bull market is underway,' and that institutions remain underweight crypto heading into the final months of 2026.
BitMine also reported an annualized staking revenue of approximately $358 million, with 5.1 million ETH staked. The company’s market capitalization is about $16.6 billion, while its Ethereum holdings alone are worth $16.2 billion. It also holds 213 Bitcoin, a $180 million stake in Beast Industries, and $672 million in cash and marketable securities. Separately, EightCo stock rose to $1.20, its highest level since April 17; EightCo holds WLD tokens worth over $112 million, Ethereum worth $39 million, and a $90 million stake in OpenAI.
