BitMine (BMNR) shares traded near $25 on Monday after the company added another 27,180 Ethereum (ETH) to its treasury. The purchase increased its total holdings to 5.96 million ETH, valued at almost $15 billion based on the company’s reported Ethereum price.

Despite the latest accumulation, BMNR remained close to Friday’s closing price of $25.03. The stock has more than doubled from its 2026 low near $12.60. Analysts at Cantor Fitzgerald and B. Riley maintained bullish ratings on the company as BitMine moved closer to its stated objective of controlling 5% of Ethereum’s total supply.

BitMine’s Ethereum Accumulation Nears Its Target

In an X post, BitMine announced that it had continued its Ethereum accumulation strategy. The company now holds more than 5.95 million ETH and needs to purchase approximately 43,000 additional coins to reach its 5% target. Its holdings represent about 4.9% of all Ethereum in circulation.

BitMine ended the previous week with 212 Bitcoin valued at more than $15 million, a $180 million stake in Beast Industries, and a $98 million investment in EightCo. EightCo holds WLD tokens and a stake in OpenAI. BitMine also reported $549 million in cash and short-term investments.

The completion of the Ethereum accumulation would represent a significant step for the company and its investors, who have experienced months of dilution. The end of that dilution could mark an inflection point for the business. BitMine’s subsequent objective is to generate revenue by staking its ETH holdings, a strategy expected to produce an annual return of about 2.7%.

The company also operates MAVAN, which aims to stake other altcoins, including Solana, Sui, and Polkadot.

Analysts Outline Potential Revenue

BitMine could become a highly profitable company if its staking strategy generates the expected revenue. From its staking income, the company would deduct taxes, employee expenses, and dividend payments to BMNP shareholders. Those dividend payments amount to less than $35 million annually. The company’s actual revenue would depend on both the staking yield and the average price of Ethereum.

If BitMine reaches its stated terminal goal of holding 6 million ETH and achieves a 2.7% staking yield, it would earn 162,000 ETH per year. At an average Ethereum price of $2,500, that amount would produce $405 million in annual revenue. If Ethereum averaged $5,000, revenue would exceed $810 million. The estimates make reaching the 6 million ETH goal and achieving the projected staking yield the key operating milestones for the company’s proposed revenue model.

BitMine is estimated to have only three employees, which keeps its labor costs low because the company does not require a large workforce.

These factors have contributed to the positive views from Cantor Fitzgerald and B. Riley. Cantor Fitzgerald analysts raised their price target from $30 to $63, while B. Riley increased its target to $30.

In its note, Cantor Fitzgerald described the company as a bargain. BitMine has a market capitalization of $15 billion, compared with Ethereum holdings valued at $14.8 billion and a cash balance of $549 million. The company also has no debt. A sum-of-the-parts valuation therefore indicates that the value of BitMine’s individual assets may exceed the company’s overall market value, according to the note.

BMNR Technical Analysis

The daily chart shows BMNR rising over the past several months, from a low of $12.60 to about $24. The shares moved above the key resistance level of $23.67, which had marked the stock’s highest level in March, April, and May.

The stock has also formed a bullish flag pattern, commonly viewed in technical analysis as a continuation formation. BMNR moved above its 50-day moving average and remains above the Supertrend indicator. Based on these indicators, the article identifies $30 as an initial target and states that a move above that level could indicate additional gains.

The information in this article is for informational purposes only and does not constitute financial or investment advice. Investing in stocks and cryptocurrencies involves risk, and past performance does not guarantee future results. Readers should conduct their own research before making investment decisions.

Source: The Market Periodical.