“With over 11 million shares of common stock repurchased, Bitmine has executed the largest ever common stock buyback for any $ETH or Bitcoin Digital Asset Treasury,” stated Tom Lee, Chairman of Bitmine.
Ethereum Staking Metrics
Bitmine disclosed 4,917,189 staked $ETH, valued at $9.6 billion, through its Made in America Validator Network (MAVAN) platform.
“Annualized staking revenues are now projected at $254 million. And this 4.9 million $ETH is 85% of the 5.79 million $ETH held by Bitmine. Bitmine’s own staking operations generated a 7-day yield of 2.65% (annualized),” continued Lee.
Technical Analysis
BitMine remains in a longer-term downtrend despite Monday’s rally.
The stock trades 32.8% below its 200-day simple moving average of $26.13 and 7.3% below its 100-day simple moving average of $18.95. A death cross, formed in January when the 50-day moving average fell below the 200-day moving average, continues to signal a weak long-term trend.
Near-term indicators have improved. The stock trades 13.4% above its 20-day simple moving average of $15.49 and 5.9% above its 50-day simple moving average of $16.59. That suggests buyers have regained short-term control, although the 20-day average remains below the 50-day average.
The moving average convergence divergence (MACD) indicator is above its signal line, and the histogram remains positive. That points to strengthening bullish momentum.
Key resistance sits near $18, close to the 100-day moving average. Initial support is around $15.50, near the 20-day moving average.
ETF Exposure
BitMine is a holding in several cryptocurrency-focused exchange-traded funds, including:
Fund inflows or outflows in these ETFs could create additional buying or selling pressure in BitMine shares.
BMNR Stock Price Activity: BitMine Immersion shares were up 11.94% at $17.68 at the time of publication on Monday, according to Benzinga Pro data.
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