BitMine (BMNR) shares held near the $25 mark on Sept. 8 as the company continued to expand its Ethereum treasury, which has now reached 5.93 million ETH. BMNR closed the session at $24.77, extending a sharp recovery from its June lows.

The Ethereum treasury company said it purchased an additional 28,086 ETH during the latest week, bringing total holdings to 5,929,198 ETH. The position now represents approximately 4.9% of Ethereum's reported circulating supply, and about 5.07 million ETH have already been staked. The company is now fewer than 71,000 ETH away from its 6 million token target, an amount worth roughly $176 million at current prices.

Treasury Nears Milestone With No Fresh Dilution Needed

According to the company's latest report, the accumulation drive is part of a dollar-cost averaging strategy that has made BitMine one of the most dilutive companies in the United States. Outstanding shares have surged from 8.79 million in July of last year to 579 million today, with issuance accelerating as the buying program intensified.

The company now holds $576 million in cash and marketable securities, which means it does not need to raise additional capital through further shareholder dilution to complete its accumulation plan. That makes the remaining gap to 6 million ETH the immediate milestone for the treasury strategy, while the company's cash position provides the reported funding cushion for completing it.

BitMine also intends to stake all of its tokens to earn yield on the holdings. Depending on the price of Ethereum, staking could generate more than $300 million a year, which the company plans to use to repurchase its shares.

Beyond Ethereum, BitMine's balance sheet includes other assets: 211 Bitcoin (BTC), a large stake in Beast Industries, and a stake in Eightco Industries, which gives the company exposure to OpenAI.

Ethereum Consolidates Near Key Support

The publication's technical analysis indicates Ethereum is trading in a compression phase that could be followed by a breakout. The Bollinger Bands have narrowed, a sign that volatility has dropped. The cryptocurrency sits slightly above the crucial support level of $2,460, its highest point in April this year, and a clear break above that level would point to further gains.

Ethereum has also formed a bullish flag pattern and is currently in the flag section of the setup, while a golden cross has emerged on its weighted moving averages. The analysis noted that, while it is too early to make a firm prediction, a bullish breakout is a possibility, with an initial target at $3,000. A surge above $3,000 would raise the possibility of a move to $4,000 and above by the end of the year, according to the analysis.

BMNR Technicals: Golden Cross Confirmed

BitMine's stock also shows technical patterns that could support further gains in the coming weeks. The shares have climbed from a low of $12.66 on June 29 to the current $25.12. The stock has moved above the key resistance level of $23.67, its highest level in March, April, and May this year, a move that confirmed the bullish breakout.

The stock has already formed a golden cross, as the 200-day and 50-day Weighted Moving Averages (WMAs) have crossed, a pattern that indicates short-term momentum is accelerating. The analysis suggested the stock is likely to continue rising in the coming weeks or months as BitMine transforms from a heavy dilutor into a free cash flow machine.

The next significant level to watch is the psychological mark of $30, according to the report. However, a drop below the key support level of $23 would invalidate the bullish outlook.

This article is for informational purposes only and should not be considered financial or investment advice. Cryptocurrency and equity markets remain volatile. Readers should conduct independent research before making investment decisions.

This article originally appeared on The Market Periodical.