The Ethereum Downtrend Creates Expectations Of A Better Buying Price For Bitmine

Summary Bitmine Immersion Technologies (BMNR) is positioned as the leading Ethereum treasury operator, aiming to accumulate 5% of ETH supply for institutional and private investors. BMNR's current share price is considered unattractive due to recent excessive growth; a correction to $31–39 per share is targeted for potential entry. A "Hold" rating is assigned, awaiting a more favorable price after an anticipated medium-term ETH downtrend; FOMO should be avoided in investment decisions. BMNR's growth potential is supported by Ethereum staking and reserve accumulation, but risks include ETH price volatility and limited transparency compared to peers like ￰0￱ thesis Despite the fact that I first became acquainted with the cryptocurrency market in 2016 (and in 2017 I became the managing trader of a closed-end crypto fund in Ukraine, basically learning the laws of the “Wild West” in the digital token industry), the Bitmine ( BMNR ) project only caught my attention a month ago.

A pioneering story in the crypto industry involving MicroStrategy ( MSTR ) demonstrated how to achieve maximum financial results by following the principle of "sell securities—raise cash—buy cryptocurrency." By doing so, MSTR's management has made its investors at least 15 times richer over the past five ￰1￱ of course, it is to be expected that new projects will attempt to replicate MicroStrategy's ￰2￱ among the main barriers holding back companies in this industry is the difficulty of raising financial capital to be redirected to the purchase of selected digital ￰3￱ is why an important criterion for selecting those who can succeed in this endeavor should be the scale of their ￰4￱ higher the capitalization and volume of reserves, the easier it will be to attract new funds for the purchase of cryptocurrencies in the ￰5￱ Bitmine project can essentially be described as a second ￰6￱ the first company's core business strategy is based on a fundamental belief in Bitcoin (accumulating it on a massive scale, as of October 20, 202 5, the company owns approximately 640,000 BTC worth $47.4 billion), Bitmine has decided to focus on the market's leading altcoin, ￰7￱ this strategy appropriate?

I think so, because the BTC buying story is already taken by another company, and it is unlikely that it will be possible to repeat the popularity that MicroStrategy has achieved. But, if you choose alternative assets in the cryptocurrency market other than Bitcoin, Ethereum comes first, with a market capitalization of $465 billion , less than the first cryptocurrency ($2.162 trillion), but more than its five closest competitors (Binance Coin (BNB)—$150 billion, Ripple (XRP)—$144 billion, Solana ( SOL )—$101 billion, Tron ( TRX )—$30 billion, and Dogecoin (DOGE)—$29 billion). Considering that the current price of BMNR is not sufficiently attractive for investment due to the excessive growth of shares in July 2025, my desire to purchase these assets has been temporarily postponed until the price demonstrates the necessary technical correction (according to my estimates, to the range of $31–39 per share).

Only then, I will be ready to consider long positions with the aim of reaching the maximum values that Bitmine had at $135 per share (July 3, 2025). The main reasons for expecting a corrective decline in BMNR include the potential continuation of Ethereum's medium-term downward trend towards the target support level of 3354. Note: My investment idea to "Hold" is linked to my desire to open a position to buy BMNR shares at more favorable prices. I feel that the current price level is not economically viable for a long ￰8￱ said, I'm being honest with myself that if the price doesn't give us the desired downward correction, the best response would be to use free capital to buy other ￰9￱ phenomenon known as FOMO (fear of missing out) is not the best solution for effective investment in the securities ￰10￱ in mind the golden rule: there will always be opportunities to purchase attractive investment assets at favorable ￰11￱ question is whether your capital will be available when the market presents this ￰12￱ Immersion Technologies' strategy and growth drivers Bitmine Immersion Technologies is a company that claims to be the world's leading operator in managing Ethereum cryptocurrency treasury ￰13￱ business strategy involves implementing a strategic plan to accumulate reserves (consisting of digital assets) for institutional and private ￰14￱ primary asset selected for the formation of reserves is ￰15￱ start of this Ethereum accumulation program began on June 30, 2025, after which the first early purchase of ETH was made on July 8, 2025, in the amount of 1.15 million tokens at a price level of $2,500 per token.

A detailed schedule of ETH purchases is shown ￰16￱ of ETH purchases for Bitmine reserves Beyond simply purchasing ETH, Bitmine's management plans to utilize all available investment opportunities offered by this digital ￰17￱ include staking and decentralized financing mechanisms, as will be discussed in more detail in the next ￰18￱ is currently working to steadily increase its reserves consisting of ￰19￱ helps ensure security for both the digital token ecosystem itself and the financial stability of the ￰20￱ the shareholders, this is an argument that confirms Bitmine's desire to benefit from the growing cryptocurrency market and stablecoin ecosystem, which in the long term should lead to ￰21￱ goal for Ethereum accumulation is set at 5% of the total ETH token ￰22￱ that as of October 22, 2025, there are 120.69 million ETH on the market, the 5% goal implies the need to accumulate 6.0345 million tokens in Bitmine's ￰23￱ that, according to the latest press release from the company dated October 20, 2025 , 3.24 million ETH tokens have been accumulated, the target has been achieved at 2.7% of the total Ethereum circulation in the ￰24￱ should be added that Bitmine's asset structure also includes 192 Bitcoin, $219 million in cash, and a $119 million stake in Eightco ￰25￱ its competitive advantage over other organizations engaged in a similar business model, "BitMine continues to attract institutional investor capital as high liquidity is ￰26￱ combined trading volume share of BitMine and MSTR is now 88% of all global DAT trading ￰27￱ continue to lead our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock." By implementing a balanced strategy that combines aggressive share issuance and ETH purchases with safe reserve management, as of August 31, 2025, Bitmine ranked second in the world among operators owning crypto ￰28￱ is 2nd largest Crypto Treasury in the World Also important to note is the mNAV (Market-to-Net-Asset-Value Multiple, which is calculated as the ratio between the market value of the company and the net value of crypto assets).

Considering that MicroStrategy's current mNAV is 1.4 and Bitmine's is 1.1, investors have more confidence in MSTR ￰29￱ the same time, however, BMNR has greater market capitalization growth potential because it has a lower premium than ￰30￱ Bitmine achieve the same premium level as MSTR, then compared to its current capitalization and asset value ( ETH ), BMNR's value would increase from the current $46 per share to $58 per ￰31￱ other words, the growth would be +27.2%. Bitmine's capitalization strategy through Ethereum staking An especially popular mechanism for generating returns for Bitmine is Ethereum staking, offered by various crypto exchanges, operators, and crypto ￰32￱ instance, the ETH staking feature is available on Ledger's hardware ￰33￱ per the info in your wallet account, investing in ETH staking today can bring you up to 3.61% annual ￰34￱ this purpose , there are 8 intermediaries, each with their own staking terms.

Coinbase, the largest US crypto exchange, offers more modest terms for financing under the ETH staking program, providing the opportunity to receive an annual return on investment of 1.89% . Based on the crypto exchange's data, a total of 35.8 million tokens were staked on October 22, ￰35￱ this data is for all ￰36￱ public data on Coinbase's share isn't ￰37￱ according to different estimates, it's about 2–4 million ￰38￱ staking conditions on Coinbase Other conditions are offered by the world's largest crypto exchange, ￰39￱ program for staking ETH provides the opportunity to earn a return of 2.68% per ￰40￱ downside of this product, however, is that income payments are made in WBETH ￰41￱ crypto exchange says that as of October 22, 2025, a total of 3.276 million tokens have been invested through their ￰42￱ staking conditions on Binance BMNR valuation through the lens of Ethereum's growth prospects As Bitmine Immersion Technologies is essentially the world's largest Ethereum reserve operator, its investment attractiveness is influenced by market trends in the cryptocurrency ￰43￱ order to evaluate BMNR shares, we suggest looking at the Ethereum ￰44￱ let's determine the global trend for ETH using technical analysis of the 1W ￰45￱ analysis of the Ethereum chart on the weekly timeframe According to the weekly chart, we can see that a global upward trend channel has ￰46￱ lower boundary was temporarily broken during the collapse of Ethereum prices from March 2025 to May 2025, after which the rapid growth phase began.

A bullish impulse was formed at the moment of testing the support level of $1521. As a consequence, the price increase allowed the asset to move towards the upper boundary of the upward trend channel, thus testing the strength of the historical maximum level of $4868. It is also important to note that an AMD (Accumulation Manipulation Distribution) pattern has formed on the weekly ￰47￱ pattern consists of three phases. A phase, where there is no clear advantage in the market for either sellers or ￰48￱ is the period of price equilibrium.

M phase, where manipulation occurs when the market maker throws in a large volume to deceive retail traders, thus creating a false movement. D phase, where the market moves very quickly in one ￰49￱ price leaves the accumulation range very quickly, it reveals its intentions to ￰50￱ on the 1D timeframe chart, the price of Ethereum shows its intention to move within a downtrend in the medium ￰51￱ support level of $3354 could be the ￰52￱ the current price of Ethereum around $3800, the move implies a decline of about 12%. Technical analysis of the Ethereum chart on the daily timeframe Taking into account this situation based on technical analysis of the Ethereum chart, I am expecting the downward correction phase to end after the ETH price falls to the $3354 ￰53￱ the decline will be deeper, reaching the $3200–3300 zone.

Thereby, we can expect at least a 12% decline in the price of Ethereum. BMNR's current share price is $46 per ￰54￱ into account the potential decline in ETH, we may see BMNR fall to $39 per share (a decline of about 15%). But, from a technical standpoint, analysis of the BMNR chart suggests a potential decline to the support level of $31.13, which was established on August 3, ￰55￱ summary, for me, the price range of $31–39 per share would be an area of interest for buying BMNR ￰56￱ of the investment thesis As my recommendation for BMNR is to "Hold" with a view to purchasing these securities at more favorable prices, risks to the investment idea are directly related to factors that would prevent a continuation of the corrective ￰57￱ the same moment, it is necessary to pay attention to those risks that could lead to a significant decline in the cryptocurrency ￰58￱ of a downward trend in the long term (on the weekly chart) will be a challenge for investments in BMNR, because of which the idea of buying them will have to be ￰59￱ primary risk affecting BMNR's prospects is the price environment for ￰60￱ is worth noting that purchasing these securities will mean that their price will correlate with the price of ￰61￱ the cryptocurrency market enter a long-term downtrend, BMNR shares could come under significant price ￰62￱ since Bitmine is a company with really low operating costs ($3.8 million) and total debt of only $1.88 million, it shouldn't have any solvency issues if ETH prices ￰63￱ 3.24 million Ethereum tokens, even at a coin price of $1,000, represent $3.24 billion in assets that can be ￰64￱ Bitmine's financial stability is the fact that these ETH purchases are made through additional share issues rather than corporate bond ￰65￱ minimum purchase price for Ethereum, however, was $2,500.

Due to this, any price movement below this level could mean a significant unrealized loss from open positions on ETH ￰66￱ more risk worth keeping an eye on is Bitmine's lack of transparency with ￰67￱ doesn't break down key metrics over short ￰68￱ example, MicroStrategy publishes daily info for investors on the important mNAV ￰69￱ in BMNR shares must calculate this metric themselves, making assumptions about the current number of shares in ￰70￱ it is mNAV that allows investors to answer the question: is BMNR stock trading at a premium or a discount? Conclusion In summary, the results of my fundamental analysis of Bitmine shares allow me to evaluate them as an asset with long-term price growth ￰71￱ current price level of BMNR is high, however, as a downward correction to the range of $31–39 per share is expected to ￰72￱ primary reason for expecting a potential corrective decline is the medium-term downward trend in Ethereum, where I plan to see a test of the strength of the support level at ￰73￱ this basis, my recommendation is to "Hold." But in the medium term, I plan to potentially revise the rating to "Buy" when ETH and BMNR prices reach the desired zones of interest for long ￰74￱ do not forget: whatever the outcome of the potential downward correction phase for these assets, FOMO is the enemy of effective and rational investing.