Tom Lee's Bitmine Buys 10,399 ETH For $19.1 Million: Why Is BMNR Not Rallying?

Benzinga08-04

Lee said in a Monday company update that ETH outperformed the Nasdaq 100 by 2,500 basis points in July, the largest margin since July 2025. He noted that last July, ETH rallied from $2,375 to above $...

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At full deployment, projected staking rewards reach $291 million annually.\nAlongside the ETH purchase, Bitmine repurchased 4.5 million common shares last week, bringing total repurchases since July 1 to 16.1 million shares under its $4 billion buyback program. \nLee called it the largest common stock buyback ever executed by any Ethereum, Bitcoin (CRYPTO: BTC), or crypto digital asset treasury.\nMoreover, Bitmine’s institutional backers include ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital, with Lee himself a personal investor.\nBMNR pulls back to $17.04 Monday after last week’s push toward $18 ran into the descending trendline that has capped every rally since January 2026. \nThe Supertrend flipped green at $14.45 in July, the first bullish signal in months, and remains intact. \nThe 20-day EMA at $16.58 and 50-day EMA at $16.98 are converging just below price as a tight support cluster.\nPhoto via Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2656309514","isCrawlerRequest":true}