Bitmine defies Strategy selloff as Ethereum bet lifts BMNR stock

Bitmine Immersion Technologies’ stock has climbed more than 4% after the company expanded its Ethereum treasury with another 42,197 ETH, even as Strategy shares slipped following a Bitcoin sale.

According to Bitmine, the company purchased 42,197 ETH between June 29 and July 3, increasing its treasury to 5,742,237 ETH. The company said those holdings now account for about 4.8% of Ethereum’s circulating supply, reinforcing its position as one of the largest corporate holders of the cryptocurrency.

The latest acquisition also expanded Bitmine’s staking portfolio. The company disclosed that 4,879,157 ETH, roughly 85% of its treasury, is currently staked, generating an estimated annual staking yield of around $235 million.

Investors welcomed the update, sending Bitmine’s shares up 4.28% to $14.98 at the time of writing after the stock traded as high as $15.04 during the session. The gains came despite weakness elsewhere among crypto-linked equities.

By contrast, Strategy fell 1.17% after selling 3,588 BTC to repurchase its STRC preferred stock. The opposite moves in the two companies suggest investors favored Bitmine’s expanding Ethereum treasury strategy while reacting cautiously to Strategy’s latest capital allocation decision.

Bitmine’s Ethereum strategy continues to attract investor attention

Bitmine has steadily positioned itself as an Ethereum-focused treasury company rather than a traditional mining business. Alongside growing its ETH reserves, management has continued increasing the portion of those assets committed to staking to generate recurring on-chain income.

The latest purchase comes ahead of Bitmine’s earnings report covering the April through June 2026 quarter, scheduled for July 29. According to Wall Street estimates, the company is expected to report about $45 million in revenue.

Separately, Bitmine Chairman Tom Lee has maintained an optimistic outlook for U.S. equities. Speaking during CNBC’s Squawk Box, Lee said companies reporting third-quarter earnings later this month are likely to exceed Wall Street expectations, adding that such results could support another leg higher for stocks.

Lee also reiterated his expectation that the S&P 500 could climb from around 7,500 to 8,000 before the end of 2026.

Technical indicators point to improving momentum

BMNR has staged a strong rebound after breaking above its recent consolidation range near $14.30. The latest rally has pushed the stock to the doorstep of its 20-period simple moving average around $15.94, which now serves as the first major resistance level.

A sustained move above that average could open the way toward the 50-period moving average near $18.49. Even so, the stock remains below its 100- and 200-period moving averages, indicating that the longer-term trend has not yet turned bullish.

Momentum indicators have strengthened alongside the price recovery. The 4-hour MACD has completed a bullish crossover, while expanding green histogram bars indicate buying pressure has accelerated following the breakout.

Failure to hold above the recent breakout area near $15 could invite profit-taking and send the stock back toward support around $14.30, with the recent swing low near $13 remaining the next significant downside level if sellers regain control. 

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.