BitMine Immersion Technologies continued its aggressive corporate treasury strategy last week by repurchasing 4.5 million shares of its common stock. This latest purchase extends a sustained stock buyback campaign that began on July 1, bringing the cumulative total to 16.1 million shares bought back under a previously authorized $4 billion repurchase plan.
Expanding Ethereum Reserves
Alongside its stock repurchases, the firm further expanded its digital asset holdings by acquiring 10,399 ETH last week. This addition elevates the company's total ETH treasury to 5.797 million tokens. That figure now accounts for approximately 4.8% of the top altcoin's total circulating supply, moving BitMine visibly closer to its stated 5% accumulation goal. Company commentary highlighted that ETH outperformed the Nasdaq 100 by 2,500 basis points in July, marking the largest outperformance since July 2025 and reflecting strengthening crypto fundamentals.
Staking Revenue and Diversified Holdings
BitMine also reiterated its ongoing staking operations, noting that it has staked 4.917 million ETH from its holdings through the Made in America Validator Network. Based on a 7-day yield of 2.67%, these staked assets are projected to generate annualized staking revenues of $247 million. Beyond its core crypto treasury, the firm reported holdings of 209 Bitcoin, alongside a $180 million equity stake in Beast Industries and a $61 million investment in Eightco Holdings.
Equities and Liquidation Overview
On the equities front, BMNR shares were trading at $17.3, registering a modest 0.14% gain. Across the broader cryptocurrency market, Ethereum experienced $69.8 million in total liquidations over a 24-hour window, heavily dominated by $47.7 million in short liquidations as market participants navigated recent price swings.
Technical Outlook and Moving Averages
On the daily chart, Ethereum is displaying a neutral consolidation pattern as price action hovers near the 20-day and 50-day Exponential Moving Averages at $1,870 and $1,850, respectively. Live market data places the asset at $1,867, reflecting a 0.14% daily move against the previous close of $1,883, with a 52-week trading range spanning from $1,507 to $3,447. Technical indicators show the 100-day EMA positioned higher at $1,929, acting as a dynamic overhead barrier, while the RSI sits at 51 and the Stochastic indicator hovers near 29, pointing toward subdued momentum following the recent pullback.
Key Support and Resistance Levels
Traders monitoring the market are eyeing immediate upside resistance near the 100-day EMA around $1,929, followed by a heavier supply zone at the $1,961 horizontal level, with higher targets at $2,172 and $2,431. On the downside, immediate support is anchored by the 50-day EMA at $1,850, supported by a deeper floor at $1,809. A breach of these levels could expose the asset to lower supports at $1,701 and $1,507.
