BitMine stock trades near golden cross as Ethereum holdings approach 5%

Technical outlook strengthens with golden cross signal

Analysis of the daily chart shows BMNR bottomed out at $12.95 in June before beginning a gradual uptrend, mirroring Ethereum’s surge from $1,500 to $2,695. The stock recently broke through a key resistance level at $26.90, not seen since August 27.

BMNR has created a bullish flag formation on the chart, combining a steep rally followed by a consolidation channel. Of particular note, the stock is approaching a golden cross formation, where the 50-day and 200-day Exponential Moving Averages converge—a pattern not seen since July of the previous year and typically viewed as a positive momentum indicator.

BMNR’s price remains above the Supertrend indicator, suggesting bullish market control. Should the stock break further upward, traders are eyeing the next resistance at $34.31, which was BMNR’s January high. This would represent a potential climb of 24% from current levels.

Ethereum accumulation nears milestone

Investor attention has increasingly focused on BitMine’s acceleration in Ethereum purchases. The company added to its ETH holdings last week and now owns over 6 million coins, equating to roughly 4.9% of the circulating Ethereum supply, currently at around 122.1 million. Only a small addition is needed for BitMine to reach its targeted 5% stake.

BitMine has used a dollar-cost averaging approach for the past 15 months, acquiring Ethereum through both highs and lows in price. With 5.1 million of these coins staked, the company’s annualized staking revenue has reached approximately $358 million. The final returns could rise further if Ethereum’s value increases.

BMNR’s strategic approach has shifted the company from a dilutive model to generating significant revenue streams via staking income, alongside strengthening its market presence within the Ethereum ecosystem.

Tom Lee reported that the ongoing uptrend in the crypto market began in late June and stated, “We continue to see affirming signs that a crypto bull market is underway… Institutions are still underweight crypto and we expect them to be adding to their exposure in the final months of 2026.”

Broader crypto investments and valuations

BMNR’s upward momentum has also been supported by improvements in related cryptocurrency ventures. EightCo (ORBS) stock rallied to $1.20, a level not reached since mid-April, and currently holds WLD tokens valued at over $112 million, Ethereum worth $39 million, and a $90 million stake in OpenAI. The OpenAI holding could increase if new capital is raised at a $1.2 trillion valuation.

BitMine’s current market capitalization stands at $16.6 billion, close to the appraised value of its Ethereum portfolio at $16.2 billion. Additional assets include 213 Bitcoin, $180 million in Beast Industries, and $672 million in cash and liquid securities. This asset composition has led some analysts to consider the stock undervalued on a sum-of-parts basis.

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