BitMine stock falls as Lee signals slower Ethereum buys

BitMine Immersion Technologies shares closed at $22.00 on May 7, down 3.97%, after chairman Tom Lee addressed the company’s Ethereum strategy at Consensus 2026 in Miami. At the conference, Lee told attendees the firm “will likely slow its weekly Ethereum purchases as it nears its target of owning 5% of the ethereum-native supply.”

The company currently holds about 5.18 million ETH, roughly 4.29% of the circulating supply, and has been a major buyer of Ethereum over the past nine months. BitMine also expanded its stock repurchase program to $4 billion and completed a transfer of its listing from Nasdaq to the New York Stock Exchange earlier this year.

The share price has been under pressure: BMNR is down about 46% over the past six months and sits about 86% below its 52-week high of $161 set in mid-2025. An ascending channel on the daily chart has been in place since early February; that channel formed after a 59.14% decline from a December 10 high of $42.03.

Short-term moving averages are converging around the current price. The 20-day exponential moving average is $21.92 and the 50-day EMA is $22.17, leaving the May 7 close of $22.00 between the two. Earlier breaks of the 20-day EMA in 2026 coincided with sharp intraday moves: a 6.48% drop on April 27 and a 15.62% drop on March 25. The 100-day EMA is at $24.80 and the 200-day EMA at $27.06.

Flow and options data show changes in market positioning. The Chaikin Money Flow indicator reads 0.03 and recently broke an ascending trendline that began in late March; between April 29 and May 6, BMNR’s price rose while CMF trended lower. The volume put-call ratio fell from 0.38 to 0.29 over the same period, and the open-interest put-call ratio edged down from 0.44 to 0.42.

Price levels outline possible paths. A move above $22.47, just above the 50-day EMA, would open a test of $24.09 at the upper trendline, about 9.6% above the May 7 close. On the downside, a daily close below the 20-day EMA at $21.92 would expose near-term floors at $21.47 and $20.65. A daily close under $19.84, the 0.618 Fibonacci level, would mark roughly a 9.8% decline from the May 7 close and open further levels at $18.69, $17.22 and an extended target near $12.96.

BitMine’s stated plan to slow weekly Ethereum purchases as it approaches a 5% supply target, combined with the expanded $4 billion buyback program and the listing transfer to the NYSE, changes the company’s capital allocation profile. Market participants are likely to track the pace of future ETH purchases and buyback activity for updates on how capital will be allocated.