BitMine slides after Tom Lee indicates ETH buys will slow

On May 7 BitMine Immersion Technologies shares fell 4% to $22 after Tom Lee, the company’s chairman, indicated at Consensus 2026 in Miami that the firm will likely slow weekly Ethereum purchases while approaching a target of holding 5% of the circulating Ether supply.

BitMine holds about 5.18 million ETH, roughly 4.29% of the circulating supply.

Lee highlighted the company’s expanded $4 billion share repurchase program and the recent transfer of its listing from Nasdaq to the New York Stock Exchange.

BMNR has lost about 46% over the past six months and traded roughly 86% below its 52-week high of $161 set in mid-2025. The stock formed an ascending channel on the daily chart since early February after a 59.14% drop from a December high of $42.03.

The 20-day exponential moving average was $21.92 and the 50-day EMA $22.17, with the stock trading at $22.00 between those levels. Prior breaks below the 20-day EMA corresponded with sharp intraday declines: the shares fell 6.48% on April 27 and 15.62% on March 25. The 100-day EMA was $24.80 and the 200-day EMA $27.06.

The Chaikin Money Flow indicator read about 0.03 and had broken an ascending trendline drawn from late March. Between April 29 and May 6 the share price rose while the CMF declined.

Options activity showed the volume put-call ratio fell from 0.38 on April 29 to 0.29 on May 7. The open-interest put-call ratio moved from 0.44 to 0.42 over the same period.

Near-term price levels include $22.47, just above the 50-day EMA, and $24.09 at the upper trendline. On the downside, immediate floors are $21.47 and $20.65, and a daily close below $19.84, the 0.618 Fibonacci level, would be about a 9.8% drop from $22. Further levels cited include $18.69, $17.22 and $12.96.

The company combines an Ethereum accumulation program with a large share repurchase plan. Lee indicated ETH purchases may slow as the firm approaches the 5% holding target, and the repurchase program has been increased to $4 billion.