BMNR stock moved higher after Bitmine expanded its Ethereum holdings with another massive purchase. The company continues to accelerate its ETH accumulation strategy, signaling strong conviction in Ethereum’s long-term outlook. Investors reacted quickly to the update, pushing the stock up as Bitmine deepens its exposure to the second-largest cryptocurrency.
Bitmine Expands Ethereum Treasury and Boosts BMNR Stock
Bitmine revealed that it acquired 101,745 ETH worth $236.8 million last week, adding to its aggressive buying streak. The firm now holds over 5.18 million ETH, valued at approximately $12.06 billion, which accounts for about 4.3% of the total Ethereum supply. This scale of accumulation places Bitmine among the largest institutional holders of ETH.
The company has also taken steps to maximize returns on its holdings. It has staked more than 4.36 million ETH, positioning itself to generate an estimated $297 million in annual staking revenue. This strategy allows Bitmine to turn its treasury into an income-generating asset while maintaining long-term exposure to Ethereum’s price growth.
BMNR stock responded positively to the announcement. Shares climbed over 3% at the market open to around $22.50 and extended gains to more than 5% over the past five days, according to the TradingView data. The stock has closely tracked Ethereum’s performance, reflecting investor confidence in Bitmine’s crypto-focused strategy.
Ethereum Momentum Drives Stock Performance
Tom Lee, Bitmine’s chairman, pointed to Ethereum’s recent strength as a key driver behind the firm’s continued accumulation. He stated that ETH appears to be in the final phase of a mini crypto downturn, which has encouraged the company to maintain its buying pace over the past month. According to Lee, Ethereum has shown resilience and outperformance during periods of geopolitical stress.
Market data support this view. BMNR stock has gained nearly 19% over the past month, closely mirroring Ethereum’s roughly 14% rise during the same period. Despite these gains, both the stock and ETH remain down year-to-date, leaving room for further upside if the current trend continues.
Bitmine has also strengthened its position through direct transactions with the Ethereum Foundation. The company recently completed multiple over-the-counter purchases, including a 10,000 ETH acquisition, reinforcing its long-term commitment to the asset. These strategic buys reduce market impact while allowing Bitmine to efficiently accumulate large volumes.
0/ Today, the Ethereum Foundation finalized the terms of a 10,000 ETH sale at an average price of $2,292.15 via OTC.
For this sale, our OTC counterpart was @BitMNR.
— Ethereum Foundation (@ethereumfndn) May 1, 2026
Tom Lee Sees “Crypto Spring” Ahead
Tom Lee believes the market has already entered a new growth phase, which he describes as a “crypto spring.” He argues that sentiment remains cautious even as prices begin to recover, a pattern seen in previous cycles before stronger rallies. This disconnect between sentiment and price action often signals early-stage momentum.
He also highlighted key catalysts that could support further gains. Increasing institutional activity, including tokenization efforts on Ethereum, continues to drive demand for the network. In addition, rising interest in emerging technologies such as AI systems adds another layer of long-term growth potential.
Regulatory developments may also play a role. Progress around the CLARITY Act, particularly a compromise on stablecoin yield provisions, has reduced uncertainty for the industry. Lee expressed optimism that lawmakers could pass the bill this year, which would provide clearer rules and support broader adoption across the crypto market.
