BitMine Immersion Technologies continued its long-term strategy by increasing its ETH holdings despite the market correction. According to data announced on Monday, the company purchased 40.613 ETH and raised its total holdings to 4.326 million ETH. This amount is worth approximately 8.8 billion dollars at current prices.
BitMine’s ETH Purchase Strategy and Position Size
The company’s move reinforces the HODL approach despite volatility in the ETH price. According to DropsTab data, BitMine is carrying 7.7 billion dollars in unrealized losses on ETH. Nevertheless, continuing to buy signals institutional confidence. Total ETH stock stands out among market leaders.
Compensating Losses with ETH Staking
According to DropsTab, BitMine is staking 2.873 million ETH on the Ethereum network. This generates passive income with an annual return of 3-5%. Staking is a strategic element that balances unrealized losses. Total crypto, cash, and other assets reach 10 billion dollars.
BMNR Stock Performance: Sharp Declines
According to Yahoo Finance data, BMNR stock lost 31% in the last month and 60% in six months. Due to the dominant effect of the ETH position, the stock is sensitive to market sentiment. Volatility risk is high for investors.
ETH Technical Analysis: Support and Resistance Levels
ETH is currently trading at 2.125,17$ (+%0,61 24h). RSI at 33,06 is in the oversold region. Trend down, Supertrend bearish. EMA20: 2.452,65$.
| Level | Price | Score | Distance | Sources |
|---|---|---|---|---|
| S1 Support | 1.906,05$ | 69/100 ⭐ | -%10,24 | S3, Fibo 0.114, Pin Bar |
| S2 Support | 1.747,80$ | 69/100 ⭐ | -%17,69 | Fibo 0.000, Donchian |
| R1 Resistance | 2.452,65$ | 75/100 ⭐ | +%15,50 | EMA20, Ichimoku |
| R2 Resistance | 2.212,27$ | 71/100 ⭐ | +%4,18 | Ichimoku Cloud |
S1 is strong support; if broken, S2 could be tested. Click for detailed ETH analysis.
Other Companies Holding ETH in the Market
Despite the ETH decline and liquidations, most companies held their positions while BitMine bought. Only Quantum Solutions sold 600 ETH. This emphasizes BitMine’s aggressive stance. The ETH futures market also shows a similar trend.
Expert opinion: Recovery potential exists with RSI oversold, but bearish signals dominate. BitMine’s strategy is a bet on a long-term ETH rally.
Source: https://en.coinotag.com/bitmine-increases-eth-holdings-to-43-million-details
