Tom Lee’s BitMine Stock Faces Risk After Ethereum Accumulation

BitMine’s stock has struggled to recover despite a large increase in its Ethereum holdings. The share price has traded mostly flat recently and is about 30% lower over the past month, tracking Ethereum’s decline, even as the company added 279,158 ETH to its treasury in 2026, including over 51,000 ETH between February 17 and February 22.

Technically, the stock remains inside a bear flag, with a projected risk near 60% based on the pole’s height. It is trading below the monthly VWAP, near $20.38, a sign that institutional positioning remains defensive. The Chaikin Money Flow has risen against the downtrend but stays below zero, indicating that selling has eased without a return of strong institutional buying; previously, a break above VWAP in December had driven a near 39% rally.

Retail demand appears to be providing temporary support.

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