Bitmine Stock Recovers As Firm Buys $23M In ETH From Ethereum Foundation

Key Insights:

• Bitmine stock (BMNR) rebounded after the company announced a 10,000 ETH purchase.
• The acquisition was made over-the-counter in collaboration with the Ethereum Foundation.
• Meanwhile, Bitmine Chairman Tom Lee expects the Ethereum price to continue to recover.

Bitmine stock (BMNR) climbed on Friday following the company’s announcement of another Ethereum purchase. The latest acquisition is part of an over-the-counter (OTC) transaction with the Ethereum Foundation.

Bitmine Stock Rebounds Amid ETH Purchase

Details from the Ethereum Foundation released via X show it directly sold 10,000 ETH to Bitmine at an average price of $2,387.

It added that the funds will be used to continue its existing programs. These include research and development of the protocol, ecosystem expansion, and grants to the community.

Bitmine (BMNR) Stock Price Chart | Source: TradingView

After the news was announced, Bitmine stock (BMNR) traded around $22 according to TradingView. Though the BMNR stock is up on the day, it has shed more than 4% in the past five days.
The recent trade comes on the heels of another deal more than a month ago.

At the time, Bitmine acquired 5,000 ETH from Ethereum Foundation for $2,042 average cost.
Moreover, the latest transaction has increased Bitmine’s ETH holdings to 4,986,485 ETH.

The company’s average cost of acquisition across the treasury is around $3,600 per ETH. The company has recently been ramping up its Ethereum purchases.

Bitmine added 101,627 ETH last week. It marked the biggest weekly accumulation this year and the largest since the week of December 15, 2025. It now holds more than 4% of the circulating supply of Ethereum, closer to its target of holding 5%.

How ETH Price Rebound Can Boost Bitmine Stock?

While the company’s buying strategy is impressive, Bitmine stock (BMNR) is still facing downward pressure in the long run. Moreover, Bitmine stock is down 22% year-to-date, in line with a downturn in the crypto market.

Bitmine’s strategy hinges on the success of Ethereum. Tom Lee recently suggested the preliminary signs are that the bear market in crypto may have reached a turning point.

If this proves to be the case, and Ethereum price begins to recover, BMNR could benefit. In such a case, Bitmine stock witnessed a boost as the company is heavily invested in the asset.

Ethereum Treasury Firm Stakes More ETH

In addition to building up its holdings, Bitmine is also staking more ETH. According to blockchain analytics website Lookonchain, Bitmine recently staked 98,352 ETH, worth around $229 million.

This brings its staked assets to almost 3.5 million ETH, or $8.35 billion.

Bitmine Staked ETH Holdings Data | Source: DropsTab

Bitmine’s staked holdings now make up just over 72% of its Ethereum holdings. The company has also developed its own staking infrastructure, which it calls the Made in America Validator Network (MAVAN).

It expects MAVAN to boost its yield from staking. Moreover, in-house calculations estimate that staking revenue could generate up to $330 million a year on the staked balance.

Despite its growth, Bitmine’s financials are being impacted by a fall in prices. According to DropsTab, Bitmine is sitting on unrealized losses of nearly $6.3 billion on its ETH holdings.

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