BitMine Adds 35,000 ETH as BMNR Stock Breaks Down

Tom Lee’s BitMine Immersion Technologies bought another 35,000 ETH in two batches, expanding its treasury to 4.371 million ETH and lifting combined cash and crypto reserves to about $9.6 billion. Despite that aggressive accumulation, the BitMine stock fell nearly 2% over the past 24 hours and is down more than 8% since February 13, creating an apparent contradiction between the company’s buying and its share price.

Technically, the stock recently broke below the lower boundary of a bear flag, a pattern that can follow a sharp drop and weak recovery; if the breakdown continues, the path could extend by over 50%. BitMine has already lost support near $19, with the next major level around $15 and potential downside toward $12 and $9.

On the upside, reclaiming $21 would be the first step, while a stronger reversal would need a move above $29. Underlying indicators show some quieter strength. On-Balance Volume (OBV) rose to a higher high between February 9 and February 13 even as price formed a lower high, suggesting retail accumulation.

bitmine, bmnr, ethereum, eth, 35,000 eth, treasury, crypto reserves, bear flag, obv, support $19