Ethereum Price Forecast: BitMine extends share buyback spree, scoops over 10K ETH
- BitMine repurchased 4.5 million shares of its common stock last week.
- The company also acquired 10,399 ETH, lifting its total holdings of the top altcoin to 5.797 million ETH.
- ETH is testing the $1,850 support after declining below $1,900 over the weekend.
Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) continued its share buyback spree last week after repurchasing 4.5 million shares of its common stock. This purchase brings the total stock buyback since July 1 to 16.1 million shares, part of a previously authorized $4 billion repurchase plan.
"Since Bitmine pivoted to an Ethereum Treasury strategy on June 30 of last year, sizable outperformance of ETH vs QQQ (monthly) has typically been followed by Bitmine’s shares outperforming ETH over the following month," said BitMine Chairman Thomas Lee in a Monday statement.
The company also acquired 10,399 ETH last week, lifting its total holdings of the top altcoin to 5.797 million ETH. That figure represents 4.8% of ETH's circulating supply, bringing BitMine closer to its alchemy of 5% goal.
"In July, ETH outperformed the Nasdaq 100 by 2,500bp (or 25 percentage points). This is the largest outperformance since July 2025, and we believe it is reflective of the strengthening fundamentals of crypto," Lee added.
BitMine also reiterated that it has staked 4.917 million ETH from its holdings through its Made in America Validator Network (MAVAN). The funds are projected to earn annualized staking revenues of $247 million using a 7-day yield of 2.67% generated by BitMine's staking operations.
While BitMine continued share buybacks and ETH acquisition, its total cash and marketable securities fell to $173 million. The company's total cash has been falling since it resumed the stock buyback program.
BitMine also reported holdings of 209 Bitcoin (BTC), a $180 million stake in Beast Industries and $61 million in Eightco Holdings (ORBS).
BMNR trades at $17.3, up 0.14% at the time of writing on Monday.
Ethereum Price Forecast: ETH tests $1,850 support following weekend decline
Ethereum has seen $69.8 million in liquidations over the past 24 hours, led by $47.7 million in short liquidations.
On the daily chart, ETH is consolidating in a neutral tone as it holds near the 20- and 50-day Exponential Moving Average (EMA) at $1,870 and $1,850. This configuration hints at a capped near-term bias, with price caught between short-term support and overhead dynamic resistance.
The 100-day EMA at $1,929 adds an additional barrier higher up, while the Relative Strength Index (RSI) at 50 and the Stochastic near 27 suggest subdued momentum after the latest pullback rather than a clear trending phase.
On the topside, initial resistance is located at the medium-term cap at the 100-day EMA around $1,929. Above that, a stronger supply zone emerges at the horizontal level of $1,961 before the next resistance areas at $2,172 and $2,431.
On the downside, immediate support is provided by the 50-day EMA at $1,850, with a deeper floor at the horizontal level of $1,809. If that area gives way, the next notable supports are seen at $1,701 and $1,507.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
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