BitMine stock price nears a golden cross pattern as ETH holdings near 5%

BitMine shares are trading within a tight range and are on the verge of forming a golden cross, a bullish technical indicator suggesting additional upside as the firm draws closer to its objective of controlling 5% of the entire Ethereum supply. Currently, BMNR changes hands at $27.82, remaining significantly above its year-to-date trough of $12.80.

BitMine stock is nearing a golden cross pattern

Analysis of the daily chart indicates that BMNR found a bottom at $12.95 in June before initiating a gradual recovery. This upward movement mirrored the broader Ethereum rebound that lifted prices from $1,500 to the current level of $2,695.

The equity has successfully climbed past the vital $26.90 resistance threshold, which marked its peak on August 27 of this year. Furthermore, it has developed a bullish flag formation, characterized by a vertical surge followed by a horizontal consolidation channel.

Significantly, the equity is close to generating a golden cross, an event triggered when the 50-day and 200-day Exponential Moving Averages (EMA) intersect. This signal frequently precedes further price appreciation and would represent the first time the stock has formed this pattern since July of last year.

BitMine has sustained its position above the Supertrend indicator, signaling that buyers maintain market dominance. Consequently, the stock is positioned for potential upward continuation, with bulls eyeing the critical resistance barrier at $34.31—its high point from January of this year. Achieving this target would represent a 24% increase from current valuations.

BMNR stock chart | Source: TradingView

BitMine Ethereum buying is nearing 5% target

The positive momentum in BMNR stock coincides with heightened investor attention on its ongoing Ethereum acquisition strategy, which is rapidly approaching the 5% milestone. Having added to its treasury last week, BitMine now possesses more than 6 million coins. These holdings account for roughly 4.9% of the total 122.1 million ETH tokens currently in circulation, meaning only a modest amount of additional purchases is required to reach the goal. Tom Lee noted in a statement:

“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.”

Over the past 15 months, the company has accumulated ETH via dollar-cost averaging (DCA). This strategy involves purchasing a set asset over regular intervals regardless of price drops, anticipating a future market recovery.

BitMine is currently transitioning from a dilutive entity into a business generating meaningful cash flow via staking. Lee’s statement highlighted that the firm now boasts an annualized staking revenue of approximately $358 million, with 5.1 million tokens actively staked. This ultimate revenue figure will scale alongside the underlying price of Ethereum.

Additionally, BitMine’s performance is supported by a recovery in EightCo. EightCo (ORBS) shares climbed to $1.20, marking their strongest level since April 17. The firm holds WLD tokens valued at over $112 million, $39 million in Ethereum, and a $90 million interest in OpenAI. The value of the OpenAI stake is expected to increase further as the company weighs raising fresh capital at a $1.2 trillion valuation.

From a sum-of-parts valuation perspective, BitMine appears undervalued. The company commands a market capitalization of $16.6 billion, whereas its Ethereum reserves alone carry a value of $16.2 billion. Additionally, the firm owns 213 Bitcoin, a $180 million position in Beast Industries, and $672 million in cash and marketable securities.

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