BMNR Stock Outlook as Bitmine Repurchases 1.7M Shares While ETH Holdings Top 5.82M

Bitmine (NYSE: BMNR) stock is up today, August 17, after Bitmine announced that it repurchased 1.7 million shares in the week between August 10 and August 14. The Ethereum treasury company also purchased more Ethereum (ETH) during the week, which brought its total Ethereum holdings to 5.82 million.

Bitmine Buys Back BMNR, Increases ETH Holdings

Bitmine Immersion’s recent repurchase of 1.7 million shares brings the company’s total stock repurchases since July 1, 2026, to more than 20.8 million shares, per a report by Bitmine.

The share buyback has driven gains for BMNR stock, whose price is up by 4% today, August 17, to trade at $18 at the time of writing. It also comes one week after CoinGape reported another buyback of 3 million shares.

Bitmine has also purchased an additional 9,926 ETH, which brought the company’s total Ethereum holdings to 5.82 million. The company’s ETH holdings are now equal to 4.8% of the total Ethereum supply of 120.7 million coins, and it has staked 5 million of these coins per the SEC filing.

Bitmine’s repurchase mirrors that of Bitcoin Treasury company Strategy, which also repurchased STRC shares in the week between August 10 and August 11, after selling $338 million in MSTR stock.

BMNR Stock Price Outlook as Share Buyback Fuels Gains

The weekly Ethereum and stock repurchases by Bitmine have been driving gains for the BMNR stock price, with the shares having increased by 50% since the June 30 low of $12.

The RSI reading of 59 shows that the momentum is favoring bulls. The RSI is also creating higher highs, suggesting that the uptrend could continue as the buying pressure rises.

Bitmine shares are also moving within an ascending parallel channel, and bulls are testing the resistance at the midline of this channel to determine whether the uptrend will continue.

If BMNR closes above this resistance at $18.80, the crypto stock could reach the psychological resistance of $20.

But if the stock closes below $18.80 and moves below the lower trendline of the ascending channel, it could drop to support at the lower Bollinger band of $16.27.

Bullish Macro Factors Fuel Gains for BMNR Stock

The recent share repurchase is not the only factor that is fuelling gains for BMNR stock because the Nasdaq 100 index was also up by 0.17% at the time of writing, with the gains coming on fresh optimism that the Fed will not hike interest rates in September.

As CoinGape reported, Goldman Sachs has warned investors against betting on the Fed hiking rates next month after the CPI data showed cooling inflation.

The recent US jobless claims also showed that the labor market is becoming weak, which could also prompt the Fed to trim rates.

For more details on the US monetary policy decision ahead of this week’s FOMC meeting, check out our Predictions markets platform.