BitMine’s BMNR stock has been moving sideways in recent weeks, trading around $53, far below its all-time high of $160. The stock’s stagnation mirrors Ethereum’s own pause below its record highs.
On Monday, September 29, the company revealed it has continued its aggressive Ethereum accumulation strategy, now holding about 2.65 million ETH tokens. At current prices, this stash is worth over $11 billion a figure that actually exceeds BitMine’s own market cap of $9 billion.
Chairman Tom Lee reaffirmed the company’s long-term vision, stating:
Ethereum is one of the biggest macro trades of the next 10–15 years. With Wall Street and AI moving onto the blockchain, we believe Ethereum will play a central role in transforming the financial system.
ETH recently pulled back from its 2024 high of $4,950 (August 24) to around $4,170.
It remains above the 50-day moving average and is holding the key support at $4,106—the breakout level from December 2023.
A cup-and-handle breakout is in play, supported by a bullish flag pattern, both common continuation signals.
If confirmed, Ethereum could rally back to its YTD high of $4,950, and potentially attempt a move above $5,000. However, a dip below $3,930 would invalidate the bullish outlook and open the door to downside risk.
Implications for BitMine Stock
For BitMine, Ethereum’s direction is everything:
A surge to $5,000 ETH would lift the value of its holdings to about $13.25 billion, far above its current market valuation.
The company is also repurchasing its own shares, reducing supply and providing additional support for the stock.
Key Risks
The bullish thesis isn’t risk-free:
Investor demand for crypto treasury stocks has cooled, with peers like Strategy and Metaplanet falling more than 30% from their 2024 highs.
If Ethereum fails to sustain momentum, BitMine’s core strategy could face pressure.
Conclusion
BitMine remains a leveraged bet on Ethereum’s future. If ETH breaks higher in the coming weeks, BMNR stock could finally escape its sideways range. But with risks tied to both crypto sentiment and treasury stock demand, the play is high risk, high reward just like Ethereum itself.
