BitMine stock is holding a narrow range today and is close to forming a golden cross, a bullish pattern that points to further gains as the company approaches its goal of owning 5% of Ethereum’s total supply. BMNR trades at $27.82, well above its year-to-date low of $12.80.
BitMine stock is nearing a golden cross pattern
The daily chart shows that BMNR stock bottomed at $12,95 in June and then started a slow upward trend. This rebound coincided with the recent Ethereum rebound that pushed its price from a low of $1,500 to the current $2,695.
The stock has jumped above the crucial resistance level of $26.90, its highest level on August 27 this year. It has formed a bullish flag pattern, which is made up of a vertical line and a horizontal channel.
Most importantly, the token is about to form a golden cross pattern, which happens when the 50-day and 200-day Exponential Moving Averages (EMA) cross each other. This pattern usually leads to more gains. It will be the first time that the stock has made this pattern since July last year.
BitMine has remained above the Supertrend indicator, a sign that bulls are in control. Therefore, the stock will likely continue rising as bulls target the crucial resistance level of $34.31, its highest level in January this year. Such a move would imply a 24% surge from the current level.
BMNR stock chart | Source: TradingView
BitMine Ethereum buying is nearing 5% target
The BMNR stock is doing well as investors focus on the ongoing Ethereum buying, which are now nearing the 5% target. BitMine bought more coins last week and now holds over 6 million coins. Its holdings are now about 4.9% of all ETH tokens in circulation, which now stands at about 122.1 million. As such, the company needs to make a few more purchases to hit the target. In a statement, Tom Lee said:
“We continue to see affirming signs that a crypto bull market is underway, having started in late June. In our view, institutions are still underweight crypto and we expect them to be adding to their exposure in the final months of 2026.”
The company has spent the last 15 months acquiring ETH tokens through dollar-cost averaging (DCA). DCA is a process of buying an asset over time, even when its price is falling. The hope is that the asset will eventually rebound.
BitMine is now moving from a dilutive company into one making substantial sums of money through staking. In his statement, Lee said that it now has an annualized staking revenue of about $358 million with 5.1 million tokens being staked. The eventual figure will be much higher depending on the underlying Ethereum price.
BitMine stock is also doing well EightCo recovering. EightCo (ORBS) stock jumped to $1.20, its highest level since April 17. The company owns WLD tokens worth over $112 million, Ethereum tokens worth $39 million, and a $90 million stake in OpenAI. Its OpenAI stake will be much higher in the coming weeks as the company considers raising additional capital at a $1.2 trillion valuation.
BitMine seems undervalued based on the sum-of-parts approach. It has a market capitalization of $16.6 billion. In contrast, its Ethereum holdings are worth $16.2 billion. It also has 213 Bitcoin, $180 million in Beast Industries, and $672 million in cash and marketable securities.
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