BitMine's ETH Holdings Hit $14.5B, But BMNR Plunges 7%

BitMine Immersion Technologies Inc. (NYSE:BMNR) on Tuesday dropped 7% despite revealing it now owns 4.203 million Ethereum (CRYPTO: ETH), representing 3.48% of all ETH in existence. BitMine Now Owns 3.48% Of All Ethereum BitMine disclosed total crypto and cash holdings of $14.5 billion as of January 19, comprised of 4.203 million ETH at $3,211 per token, 193 Bitcoin (CRYPTO: BTC), $22 million in Eightco Holdings (NASDAQ:ORBS), and $979 million in cash. The company acquired 35,268 ETH in the past week alone, maintaining aggressive accumulation despite the stock’s 80% collapse from June’s $140 peak. BitMine now controls 3.48% of Ethereum’s total supply of 120.7 million tokens—nearly 70% of the way to chairman Thomas “Tom” Lee’s stated goal of acquiring 5% of all ETH. Shareholders Approve Share Increase Despite Stock Collapse Despite the stock trading near lows, BitMine stockholders voted overwhelmingly to support management’s plans at the January 15 annual meeting. A critical vote to increase authorized shares passed with 81% approval, representing 52.2% of all outstanding shares voting in favor. “We view the fact that 81% of votes cast favored increasing authorized shares as a message from BitMine stockholders that they understand our accretive ETH accumulation strategy,” Lee said. The company has now over 500,000 individual stockholders and emphasized it has not sold shares below modified net asset value (mNAV), a key metric for treasury companies. $200M Beast Industries Investment Adds Creator Economy Exposure Beyond crypto accumulation, BitMine invested $200 million into Beast Industries on January 15, targeting the creator economy through MrBeast, whose bi-monthly videos average 250 million views—matching Super Bowl audiences. Lee noted MrBeast’s content scores 13.1 in usage metrics versus Disney’s 9.7 and Netflix’s 8.7. “His audience is 35% larger than all of Disney’s media and 50% larger than Netflix,” Lee said. Staking Revenue Could Hit $374M Annually BitMine has staked 1.838 million ETH worth $5.9 billion, up 581,920 ETH in the past week. Once all 4.2 million ETH gets staked through MAVAN (Made in America Validator Network) launching Q1, the company projects annual staking revenue of $374 million—over $1 million per day. Why ETH Over Bitcoin Lee explained the Ethereum bet centers on Wall Street’s adoption of tokenization and institutional use cases being built on Ethereum’s blockchain. “Ethereum’s price ratio to Bitcoin, or ETHBTC, has been steadily climbing since mid-October,” Lee said. “This reflects investors recognizing tokenization and other use cases being developed by Wall Street are being built on Ethereum,” he added. The Ethereum Foundation listed 35 examples of major financial institutions building on Ethereum recently. Stock Breaks Triangle Support Despite Bullish Holdings Data Despite the positive announcements, BMNR dropped around 7% and broke below $31 support that held since December. The stock formed a descending triangle between $28-34. Today’s breakdown confirms bearish continuation, projecting targets toward $24-26. BMNR trades below all moving averages: 20-day at $31.04, 50-day at $33.95, 100-day at $36.24, and 200-day at $33.18. Critical levels for BMNR Ahead Immediate support: $28.99 Major support: $24.43 (December low) Breakdown risk: $20 if $24 fails First resistance: $31.04 (must reclaim immediately) Major resistance: $34.74, then $36.37 The stock needs to reclaim $31 immediately to invalidate today’s breakdown. Loss of $28.99 opens a direct path to retest $24.43. Image: Shutterstock