- BitMine Immersion Technologies purchased 13,412 Ethereum (ETH) this week for approximately $40.6 million, surpassing 4 million ETH in total holdings.
- The company aims to accumulate 5% of all Ethereum in circulation, and is now the largest digital asset treasury (DAT) focused on Ethereum.
- Retail sentiment for BMNR stock and Ethereum is currently bearish, despite recent price and stock gains.
- Fundstrat has warned of a possible broad cryptocurrency correction in the first half of 2026.
BitMine Immersion Technologies significantly increased its Ethereum assets this week by acquiring 13,412 ETH tokens for about $40.6 million, according to on-chain data cited by Lookonchain and Arkham Intelligence. This purchase brings BitMine’s total ETH holdings above 4 million tokens.
Following this transaction, BMNR’s stock rose more than 3.5% in pre-market trading after gaining 10.31% during the previous session. However, retail trader sentiment on BMNR fell from “bearish” to “extremely bearish,” while trading chatter dropped as well.
Ethereum’s price remained above $3,000 on Monday morning, up 1.5% in the past 24 hours and outperforming Bitcoin. On retail platforms, Ethereum maintained bearish sentiment, although community discussion increased.
Last week, BitMine added over 102,000 ETH, raising its total to around 3.87 million tokens. As the largest digital asset treasury (DAT) specializing in Ethereum, BitMine holds more ETH than other firms; its closest competitor, SharpLink Gaming, has approximately 860,000 tokens. BitMine has outlined its plan to accumulate up to 5% of all Ethereum tokens, a goal that would give it substantial influence among corporate holders.
Chairman Tom Lee has indicated that cryptocurrency prices have stabilized since a sharp downturn in October, saying, “Crypto prices have stabilized in the past week, further evidence that crypto prices have begun to recover after the price shock of October 10th.”
Despite these aggressive acquisitions, Fundstrat has advised clients to anticipate a broader market correction in the first half of 2026. According to a report mentioned by Heisenberg, Fundstrat’s head of crypto research, Sean Farrell, projects potential price declines for Bitcoin to $60,000-$65,000, Ethereum to $1,800-$2,000, and Solana to $50-$75.
Year-to-date, BMNR’s stock has climbed more than 280%. The company shifted its focus to an Ethereum-based treasury strategy in June.
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