BitMine Immersion Technologies Inc. (BMNR) keeps loading up on Ethereum (ETH), but you wouldn't know it from looking at the stock chart. The company just added another $44 million in ETH to its holdings, right as Chair Tom Lee is making some seriously aggressive price predictions. Yet BMNR continues trading like, well, a falling knife.
Another Day, Another Ethereum Purchase
Lookonchain reported Friday that BitMine acquired 14,618 ETH using a wallet identified as "0xbd0…E75B8." The transaction went through at roughly 5:07 p.m. Thursday, according to Arkham-linked tracking.
BitMine hasn't officially confirmed the transaction, so we're relying on blockchain intelligence data here. But the purchase follows the company's $200 million Ethereum addition from earlier this week, so the pattern is pretty clear.
The company now holds 3,629,701 ETH, valued near $10.9 billion under its last confirmed disclosure. That represents almost 3% of Ethereum's circulating supply based on recent estimates. BitMine has repeatedly stated a long-term goal of controlling 5% of total supply, emphasizing Ethereum's expanding presence in financial market infrastructure.
Tom Lee's Bullish Ethereum Bet
BitMine Chair Tom Lee delivered an aggressive outlook for Ethereum during a recent interview. He said ETH could bottom near $2,500 before rising toward $7,000 or even $9,000 by late January 2026.
Lee argued that Ethereum's neutrality and scaling progress align with broader institutional demand. He added that he anticipates a dovish Federal Reserve stance before year-end, and believes improved clarity could help ease pressure across digital asset markets.
Lee also forecast Bitcoin (BTC) moving above $100,000 once conditions stabilize. So it's not just Ethereum he's bullish on—it's the entire crypto landscape assuming macro conditions cooperate.
The Stock Chart Tells a Different Story
Here's the puzzle: BMNR continues to trade within a multi-week decline despite all this blockchain activity. The stock remains below its descending trendline and the Supertrend resistance near $36.29. This structure keeps sellers in control across most timeframes.
Price recently defended support at $23.86, creating a modest reaction. However, BMNR remains below the 0.236 Fibonacci retracement near $33.77, limiting upward momentum. A daily close above that level is required to confirm stabilization.
A trendline break could open a move toward $39.90 and $44.85. These levels align with the 0.382 and 0.5 retracements, respectively. Failure to reclaim that zone risks renewed selling toward the prior low at $23.86.
Bulls need a decisive move above $47.64 to shift the broader trend. Until then, BitMine is in the unusual position of aggressively accumulating assets while its own stock struggles to find a floor. The disconnect between what the company is doing (buying billions in Ethereum) and what the market thinks about it (selling the stock) is pretty remarkable.
