BitMine Buys 35,000 ETH but Shares Slump Over 8% on Bear Flag Breakdown
BitMine added 35,000 ETH, boosting its holdings to 4.371 million ETH and lifting cash+crypto reserves to $9.6 billion. BMNR shares broke below the bear flag support and have slid over 8% since February 13 despite rising on-balance volume signaling retail accumulation.
1. Ethereum Acquisition and Treasury Growth
BitMine purchased 35,000 ETH in two batches, increasing its Ethereum holdings to 4.371 million ETH. Combined with cash reserves, its treasury now stands at approximately $9.6 billion, reinforcing its strategy to build one of the largest ETH treasuries among public companies.
2. Stock Price Breakdown and Technical Signal
Despite the aggressive accumulation, BitMine shares fell nearly 2% in the past 24 hours and have dropped over 8% since February 13. The stock broke below the lower boundary of a bear flag pattern, a technical formation that could signal further downside potential of up to 50% if selling pressure persists.
3. Retail Buying Divergence
On-balance volume rose to a higher high while share prices formed a lower high between February 9 and 13, indicating increased buying activity among retail investors. This divergence suggests retail participants are accumulating shares quietly even as larger investors remain cautious.