BitMine Immersion Technologies Inc. (BMNR) is doing something most investors wouldn't: buying aggressively into a crashing asset while its own stock price tanks. The company just scooped up 96,798 Ethereum (ETH) last week, even as the crypto plunged 30% over the past month and BitMine's shares tested multi-month lows.
Doubling Down While Everything Falls
Chairman Tom Lee says the company purchased roughly $273 million worth of Ethereum last week, marking a 39% increase from its prior weekly buying pace. That's not the behavior of a company getting cold feet. Lee says BitMine is only "two-thirds" of the way to achieving long-term dominance, which apparently means more buying ahead.
The combined value of BitMine's crypto holdings, cash reserves and equity stakes now totals $12.1 billion. That's powered largely by what Lee describes as the world's largest Ethereum treasury. But here's the thing about holding massive amounts of a volatile asset: when it drops 30%, you feel it. Data from The Block shows BitMine's ETH stack value fell from nearly $14 billion in October to about $9.7 billion after the recent drawdown.
So why keep buying? Lee pointed to two upcoming catalysts: the Fusaka upgrade scheduled for Dec. 3 and the Federal Reserve's plan to end quantitative tightening. He believes these events strengthen the case for renewed momentum. Lee also noted that the market has regained its footing in the seven weeks since October's liquidation event, and he highlighted progress on the company's MAVAN staking network, which is expected to launch in early 2026.
What Else Is In The Treasury?
Beyond Ethereum, BitMine reported holdings of 192 BTC, $882 million in unrestricted cash, and a $36 million stake in Eightco Holdings. The firm will hold its annual shareholder meeting on Jan. 15, 2026, at the Wynn Las Vegas, where it plans to deliver deeper updates on its treasury strategy and staking infrastructure.
While the Ethereum buying spree continues, the stock itself tells a different story. BMNR shares have dropped nearly 25% over the past month to around $33.12, according to The Block. On Monday alone, the stock fell nearly 10%, sliding toward the apex of a tightening symmetrical triangle that's been shaping price action since July.
The Technical Picture Gets Interesting
Shares now sit directly on a long-term ascending support line near $29, a zone that has held the pattern together since early summer. This is the kind of setup technical traders watch closely because it forces a decision: either buyers step in and defend support, or the pattern breaks down and things get messy.
BMNR remains capped under a firm downtrend line from the October peak. Every rebound has failed beneath the 20-day exponential moving average near $35. Short-term EMAs continue to slope downward, and the 50-day, 100-day, and 200-day EMAs clustered around $40 to $41 form a heavy resistance ceiling that's going to take real momentum to break through.
The Parabolic SAR indicator remains bearish with dots above price since mid-November, signaling that sellers still control momentum. The compression between the declining trendline and rising base suggests a decisive breakout is close, one way or the other.
If buyers defend the $29 support area, the next objective is a break above $33 to $34, the downtrend line that's halted each rally attempt. Clearing that zone would open a move toward the 20-day EMA at $35 and eventually the $41 region, where several key moving averages converge.
On the flip side, a failure to hold the rising support line exposes $25, aligning with the SAR pivot from early July and marking a deeper structural breakdown. That would likely trigger another leg down and raise questions about whether the aggressive Ethereum accumulation strategy is paying off.
For now, BitMine is betting big on Ethereum's recovery while its own stock tests critical levels. Whether that confidence proves justified may depend on how the next few weeks play out for both the crypto and the chart.
