BitMine Stock Analysis as Cantor Fitzgerald, B. Riley Maintain Bullish Forecast

BitMine stock traded near $25 on Monday after the company added another 27,180 Ethereum to its treasury. The latest purchase lifted its total holdings to 5.96 million ETH, worth almost $15 billion at the company’s reported ETH price.

BMNR remained near Friday’s $25.03 close despite the latest accumulation. Shares have more than doubled from their 2026 low near $12.60.

Analysts at Cantor Fitzgerald and B. Riley also maintained bullish ratings on the stock. Meanwhile, BitMine moved closer to its stated goal of controlling 5% of Ethereum’s total supply.

BitMine is Nearing the End of its Ethereum Accumulation

In an X post today, BitMine, which Tom Lee leads, announced that it continued its Ethereum accumulation strategy. The company now has over 5.95 million coins, meaning that it needs to buy about 43,000 coins to hit its 5% target. It now holds about 4.9% of all ETH coins in circulation.

BitMine ended last week with 212 Bitcoin worth over $15 million, $180 million stake in Beast Industries, and $98 million investment in EightCo, a company that holds WLD tokens and a stake in OpenAI. It also has $549 million in cash and short-term investments.

The conclusion of its Ethereum accumulation is a major step for the company and its investors, who have endured months of dilution. As such, there are signs that the company has moved to an inflection point as its dilution ends.

After this, the company’s goal is to start making money by staking its ETH holdings. This staking will earn it an annual return of about 2.7%. In addition, it runs MAVAN, which aims to stake other altcoins such as Solana, Sui, and Polkadot.

BitMine May Become Highly Profitable

BitMine has room to become a highly profitable company. After receiving its staking revenue, the company will deduct taxes, employee fees, and its dividend payments to BMNP shareholders, which are less than $35 million a year. The real revenue will depend on the staking yield and the average Ethereum price.

Assuming the terminal goal is to have 6 million coins and the staking yield is 2.7%, the company will earn 162,000 ETH per year. If Ethereum averages $2,500 in a year, its revenue will be $405 million. On the other hand, if it jumps to $5,000, revenue will exceed $810 million.

BitMine’s labor costs are negligible because it does not need many employees. It is estimated to have just 3 employees, meaning its labor costs are very low.

These fundamentals explain why Cantor Fitzgerald and B. Riley analysts are highly bullish on the company. Cantor Fitzgerald analysts boosted their target from $30 to $63, while B. Riley hiked their target to $30.

In their note, Cantor noted that the company was a bargain. It has a market capitalization of $15 billion. In contrast, its Ethereum holdings are now worth $14.8 billion, while its cash balance is $549 million. It also has no debt. As such, a sum-of-parts valuation approach suggests that its parts are more valuable than the whole.

BitMine Stock Price Technical Analysis

The daily chart shows that the BMNR stock has risen in the past few months, moving from a low of $12.6 to $24 today. It has jumped above the key resistance level of $23.67, its highest level in March, April, and May.

The stock has formed a bullish flag pattern, which is a common continuation sign. Also, it has jumped above the 50-day moving average, a sign that bulls are in control for now. It also sits above the Supertrend indicator.

Therefore, the most likely BMNR stock forecast is bullish, with the initial target being at $30. Crossing above that level will suggest more gains ahead.

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.