Bitfarms, purchases 65,341 Ethereum to drive stock price up

Bit Mining’s Urgent Tech Company (BMNR) Purchases 65,341 Ethereum (ETH) on March 23, 2026, the largest acquisition this year, drawing market attention. The purchase amount is approximately $138 million, with an average ETH price of about $2,072. As a result, Bit Mining’s total Ethereum holdings increase to 4.66 million, accounting for 3.86% of its circulating supply. Following this news, BMNR’s stock price rose over 3% compared to the previous day, closing at $21.27.

Bit Mining’s Concentrated Ethereum Accumulation Strategy

Bit Mining continues to pursue an aggressive asset expansion strategy centered on Ethereum. Currently holding 4.66 million ETH worth about $100 billion, which makes up a significant portion of its total crypto and cash assets of $11 billion. In addition to Ethereum, Bit Mining also holds 196 Bitcoin (BTC), $1.1 billion in cash-like assets, and shares in Beast Industries and Eightco.

Chairman Tom Lee stated, “Bit Mining has the world’s largest staked Ethereum position and expects the mini crypto winter to end soon.” He also noted that Ethereum has achieved an 18% excess return compared to the stock market, and the likelihood of the CLARITY Act passing before April 2026 is as high as 68%.

Staking Yields Ensure $184 Million Annual Income

Staking is Bit Mining’s core profit model. Currently, it has staked approximately $6.5 billion worth of 3.14 million ETH. At an average 7-day yield of 2.83%, this could generate $184 million annually. This yield exceeds the industry average of 2.75%.

To maximize returns, Bit Mining plans to stake all its Ethereum holdings, aiming for an annual income of $272 million. The company is also advancing the “U.S. Validator Network” (MAVAN) project, collaborating with three suppliers, with full deployment targeted for Q1 2026. The network aims to become a top validator solution within the U.S.

Price Trend and Technical Analysis

On March 23, the stock traded between $20.53 and $21.79, closing at $21.27, up 3.06%. Trading volume reached 47.31 million shares, far exceeding the average. Strong buying activity was observed during the day following the Ethereum purchase news.

Technical analysis shows BMNR’s stock testing resistance at $23.92 based on the SuperTrend indicator. A breakout could push the price toward the $29–$30 range. Support levels are at $19–$20, with expected short-term fluctuations within this range. Its 52-week high is $161.00, and the low is $3.92, with the current price in the middle.

$7 Billion Paper Loss, Long-term Outlook Remains Optimistic

Despite the aggressive Ethereum purchase strategy, Bit Mining reports a $7 billion paper loss, mainly due to the decline in the value of previously acquired ETH at high prices. However, the company holds $1.1 billion in cash, maintaining liquidity.

Bit Mining aims to increase its Ethereum holdings to 5% of the circulating supply. It plans to further ramp up weekly purchases from an average of 45,000–50,000 ETH. The recent acquisition of 65,341 ETH is part of this accelerated strategy.

Market experts believe Ethereum is currently trading around $2,144 and see strong potential for growth driven by improved regulation and increased staking demand. The increasing likelihood of the CLARITY Act passing is expected to accelerate institutional capital inflows.

This large-scale purchase by Bit Mining is viewed as a sign of institutional investor confidence. The company is moving beyond mere holdings by operating validator networks and building staking infrastructure, establishing itself as a key participant in the Ethereum ecosystem. Once the MAVAN project is completed and staking yields are fully realized, Bit Mining’s profit structure is expected to become more stable.

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