BitMine Immersion Technologies Inc. (NYSE:BMNR) is down almost 6% on Monday, despite announcing that its crypto and cash holdings have grown to $11.8 billion in crypto and cash holdings.
BMNR Declines Even As BitMine Lifts Ethereum Holdings To 3.6 Million Tokens
BitMine disclosed holdings of 3,559,879 Ethereum (CRYPTO: ETH) valued at $3,120 per token, 192 Bitcoin, a $37 million position in Eightco Holdings, and $607 million in cash, according to the company's latest filing.
The update reaffirmed BitMine's status as the world's largest Ethereum treasury and the second-largest global crypto treasury behind Strategy.
The company noted it now owns 2.9% of the total ETH supply and is more than halfway to its goal of reaching what it calls the "Alchemy of 5%."
BitMine remains one of the most actively traded stocks in the U.S. Based on Fundstrat data included in the filing.
The stock averages $1.4 billion in daily dollar volume, ranking 48th among more than 5,700 U.S.-listed equities.
Tom Lee Warns Of Market Maker Stress, Says Crypto Peak Is Far Off
Lee said the weakness in digital assets since the Oct. 10 liquidation event resembles conditions seen when a market maker faces a "hole" in its balance sheet.
Reduced liquidity provision, he added, acts like quantitative tightening, depressing prices across Bitcoin (CRYPTO: BTC), Ethereum and crypto-linked equities.
Lee emphasized that BitMine does not believe the current crypto cycle has peaked.
In the company's November Chairman's Message, he outlined five historical explanations for crypto's four-year cycles and concluded that two of them remain highly relevant today.
Both suggest the “next”crypto cycle top is 12–36 months away”, a sharp break from past cycle timing.
He also highlighted Ethereum's upcoming Fusaka upgrade and the growth of tokenization of stocks, bonds and real estate as structural catalysts.
The message compared the shift to U.S. policy on Aug.15, 1971, when the dollar was removed from the gold standard, calling 2025's regulatory developments "as transformational to financial services" as that historic change.
Technical Pressure Mounts As BMNR Tests Key Support
BMNR Price Analysis (Source: TradingView)
BMNR's chart remains under heavy strain despite the treasury update.
The stock continues to form lower lows, slipping beneath the 20-day and 50-day EMAs and breaking the Supertrend support at $43.
The trendline from the October high continues to cap every rally, reinforcing a controlled downtrend.
On the daily timeframe, price is testing a critical support band between $32 and $34 that has held since August.
Weak reactions around the 100- and 200-day EMAs, clustered in this zone, suggest that buyers lack conviction even at historically defended levels.
BMNR Short-Term Price Action (Source: TradingView)
Intraday patterns also remain bearish.
A descending channel has contained all price action since late October, and Parabolic SAR signals remain above price.
RSI on the 30-minute chart sits near oversold territory but still reflects momentum aligned with sellers.
Any bounce would face near-term resistance between $36 and $39.
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