The company added the assets between June 29 and July 3, bringing its total treasury to 5,742,237 ETH. This stockpile represents approximately 4.8% of the cryptocurrency's circulating supply. Bitmine has increasingly pivoted away from traditional mining operations, focusing instead on generating recurring on-chain income through its staking portfolio, which now includes 4,879,157 ETH and produces an estimated $235 million in annual yield.
Market sentiment toward the stock remains buoyed by both the treasury expansion and a positive technical setup. Following a bullish MACD crossover on the 4-hour chart, BMNR broke past its $14.30 consolidation range. The stock now faces its first major resistance at the 20-period simple moving average of $15.94. While the short-term momentum is positive, analysts note the stock must clear this hurdle to test the 50-period average near $18.49, though it remains below its 100- and 200-period averages.
Ahead of its July 29 earnings report, where Wall Street anticipates $45 million in revenue, Bitmine Chairman Tom Lee has offered a broader endorsement of the equity market. Lee maintains that strong third-quarter earnings could propel the S&P 500 toward 8,000 before the end of the year, providing a favorable backdrop for the company's growth-focused treasury strategy.
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