In a bold move that counters the current market-wide sell-off, Bitmine has added approximately 50,000 Ethereum (ETH) to its corporate treasury in just 48 hours. The total value of the acquisitions exceeds $140 million, establishing the company as the largest institutional holder of ETH and sending its BMNR stock higher in premarket trading.

A Strategic Accumulation

Bitmine’s aggressive buying spree began on Sunday when the firm secured 21,537 ETH, valued at nearly $60 million, in a transaction with FalconX. The company followed up the next day by purchasing another 28,625 ETH, worth around $82 million, directly from the open market. This two-day accumulation occurred while many retail investors were selling, suggesting a deliberate strategy to acquire assets while prices were under pressure.

With these transactions, Bitmine’s total holdings now surpass 50,000 ETH. The company is expected to confirm the new totals in an upcoming asset disclosure, which will also detail its Bitcoin, Eightco Holdings, and cash reserves.

BMNR Stock Rebounds Amid Institutional Interest

The market reacted positively to the news, with Bitmine’s BMNR stock climbing 4.8% during Monday’s premarket session. The rally provided some relief for investors after a month-long 50% drawdown in the share price, though the stock maintains a year-to-date gain of 258%.

Despite recent market weakness, institutional interest in BMNR has remained exceptionally strong. Recent regulatory filings revealed that institutional holdings have surged from 10 million to 100 million shares in just four weeks, signaling sustained confidence in the company’s strategy even as broader crypto sentiment has cooled.

Ethereum Price Struggles at Key Resistance

Bitmine’s accumulation comes as the broader Ethereum market shows signs of weakness. ETH is currently trading near $2,793 and is struggling to break past a key resistance zone between $2,850 and $2,900. Analysts suggest that a failure to reclaim this level could cap further upside and potentially trigger a move toward the $2,500 support level.

While ETH trading volume has increased by 33% over the past 24 hours, derivatives data points to softening sentiment. Open interest in ETH contracts has declined by 2% in the last four hours, indicating that traders are growing more cautious unless market momentum shifts.

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