BitMine Buys Another 50,000+ ETH and Inches Toward Its 5% Target

BitMine Immersion Technologies (BMNR) has been trading sideways for nearly a month, but a recent purchase of over 50,900 ETH could mark a turning point. On March 2, BitMine bought 50,9928 ETH, bringing its holdings to 3.71% of Ethereum’s supply—1.29% short of its 5% target.

The acquisition came while Ethereum’s price was in the red. BitMine’s chairman Tom Lee said he expects March to be a pivotal month for Ethereum and the broader market: “We understand war headlines make investors nervous, but we expect stocks to be up in March: – led by MAG7, software IGV and crypto $BTC $ETH (sic).” Technical indicators point to strengthening support for BMNR.

The Chaikin Money Flow has ticked up, suggesting outflows are declining even though it remains below zero; a move into positive territory would signal that holders are backing the price. The Money Flow Index has shown a bullish divergence this year, with lower highs while price made lower lows, implying selling pressure may be waning despite geopolitical volatility.

bitmine, bmnr, ethereum, eth, tom lee, 50,900 eth, 3.71% supply, 5% target, chaikin flow, money flow