Bitmine Rallies as Ethereum Staking Strategy Outshines Bitcoin Selloff

The company added the assets between June 29 and July 3, bringing its total treasury to 5,742,237 ETH. This stockpile represents approximately 4.8% of the cryptocurrency's circulating supply. Bitmine has increasingly pivoted away from traditional mining operations, focusing instead on generating recurring on-chain income through its staking portfolio, which now includes 4,879,157 ETH and produces an estimated $235 million in annual yield.

Market sentiment toward the stock remains buoyed by both the treasury expansion and a positive technical setup. Following a bullish MACD crossover on the 4-hour chart, BMNR broke past its $14.30 consolidation range. The stock now faces its first major resistance at the 20-period simple moving average of $15.94. While the short-term momentum is positive, analysts note the stock must clear this hurdle to test the 50-period average near $18.49, though it remains below its 100- and 200-period averages.

Ahead of its July 29 earnings report, where Wall Street anticipates $45 million in revenue, Bitmine Chairman Tom Lee has offered a broader endorsement of the equity market. Lee maintains that strong third-quarter earnings could propel the S&P 500 toward 8,000 before the end of the year, providing a favorable backdrop for the company's growth-focused treasury strategy.