Tom Lee Says Don’t Panic: Bitmine (BMNR) Stock Keeps Buying the Dip

TLDR

• Bitmine bought 27,084 ETH last week for ~$43 million, bringing total holdings to 5.7 million ETH
• Holdings now represent 4.7% of Ethereum’s circulating supply, nearing Bitmine’s 5% target
• BMNR stock closed at $13.56, down 92% from its 52-week high of $161
• Tom Lee attributed crypto weakness to quarter-end “window dressing” by investors cutting losses
• Both BTC and ETH are on track for a third straight quarterly loss — ETH is down 25% in Q2

Bitmine Immersion Technologies (BMNR) picked up another 27,084 ETH last week for roughly $43 million, extending its buying streak even as crypto markets stayed under pressure.

The stock closed at $13.56, down 92% from its 52-week high of $161, and fell another 14.5% in the past week alone. Despite the steep decline, analysts maintain price targets between $33 and $40 per share.

Bitmine Immersion Technologies, Inc., BMNR

Total ETH holdings now sit at 5,700,040 tokens, valued at approximately $8.9 billion based on a price of around $1,569 per ETH. That puts Bitmine at 4.7% of Ethereum’s total circulating supply of 120.7 million tokens, closing in on the company’s stated 5% goal.

The company’s broader holdings include 206 Bitcoin, a $180 million stake in Beast Industries, a $74 million stake in Eightco Holdings, and $555 million in cash and marketable securities. Total crypto, cash, and investment holdings come to $9.8 billion.

Last week’s purchase was the smallest since early May. It compares to 52,203 ETH the week before and 126,971 ETH in an earlier batch this month, pointing to a slower buying pace after months of heavy accumulation.

Tom Lee Points to Quarter-End Pressure

Chairman Tom Lee blamed the latest crypto dip on seasonal selling behavior. He said investors are cutting positions in assets that have fallen over the past three months — a common pattern heading into the end of a quarter.

Lee referred to the dynamic as “window dressing,” where portfolio managers reduce losing positions before reporting periods. He said this pattern was expected given where prices stand.

Bitcoin and Ethereum are now on pace for a third consecutive quarterly loss. BTC is down 12% in Q2 2026, while ETH has dropped 25%. That kind of losing streak hasn’t been seen for bitcoin since 2022, and for ether, it’s a first since 2019, according to CoinGlass data.

Staking and Index Inclusion

Bitmine also disclosed that 4,879,157 of its ETH — worth around $7.7 billion — is currently staked through its MAVAN platform (Made in America Validator Network). The company projects annualized staking revenues of $211 million.

Bitmine was added to the Russell 1000 Large-Cap Index on Thursday during the annual reconstitution. The stock ranks 240th among US-listed stocks by average daily dollar volume, with a 5-day average of $643 million.

In June, the company closed an offering of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock at $80 per share, raising approximately $273.8 million in net proceeds. That preferred stock now trades on the NYSE under the ticker BMNP, with dividends paid weekly.

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