Donald Dean
Economist & Technical Analyst, Fibonacci/Gamma Trading
BitMine's near-term options map has shifted toward puts below the stock, making a reclaim important before the $25 target by October 23. The later map shows $648K of October 16 put bets at $22 and $491K at $21, versus a $270K call bet at $20; after falling below the $23.35-$23.65 entry zone, wait for $23.35 to be reclaimed and do not chase. A daily close below $21.95 opens $18-$21. x.com x.comÂ
BitMine is pulling back to test a breakout after bottoming at $12.80 in June, with higher lows since and a broken long downtrend. The options-based path runs to $26.50 by October 9, $27 by October 16 at the biggest call wall, and $29.50 by October 30, with Fibonacci levels at $26.71 and $35.32. The book leans calls, with a 0.38 put/call ratio and 49,211 January $35 calls, and cheap options mean dealers must buy stock if volatility rises. The map breaks below $24.45. x.comÂ
BitMine's buybacks below NAV should drastically boost shareholder value while its larger staked ETH position increases potential staking income. Its mNAV is about 0.88x; it repurchased 22.9 million shares for $399.6 million in 2026. It holds 6.05 million ETH, with about 5.23 million staked, and projects $318 million in annualized staking revenue. x.com x.comÂ
BitMine Immersion broke its downtrend this week for the first time since the crypto-treasury bubble popped in August 2025. Owning it below $20 should look prudent once Ethereum hits its expected targets over the next few years. x.comÂ
BitMine Immersion Technologies holds about $16 billion of Ethereum and faces massive losses as liquidity drains from crypto. Like Strategy, it is exposed to a collapse in crypto values. x.comÂ
Bitmine should have no trouble doubling from here as ether breaks above $3,000, following a solid month for the company. x.comÂ
Tokenization, stablecoins and perpetual futures are driving Ethereum and ETH proxies such as BitMine higher. Cantor Fitzgerald reiterated Overweight on BitMine with a $63.60 target, 137% upside. BitMine now holds 4.9% of all ETH, nearly at Fundstrat's 5% goal. x.comÂ
Crypto treasury companies are stalling because the buyers of last resort have stopped buying and started paying out. Strategy trades below the value of its own bitcoin and is now selling BTC to cover dividends. BitMine is down 86% and $9 billion underwater on its Ethereum, no longer raising capital, just paying out. Neither was ever a clean crypto bet; each was a leveraged premium dressed up as one. x.comÂ
Accelerating stock tokenization is a reason to be bullish on Ether and BitMine. Per @KobeissiLetter, on-chain tokenized stocks reached a record $1.6 billion market cap, up 240% year to date, trading volumes on major venues have roughly tripled, and Bloomberg reports the SEC is preparing a framework for tokenized stock trading. x.comÂ
BitMine Immersion Technologies is one to stay far away from, because Tom Lee hurt shareholders by diluting the stock below NAV to reach a large payout tied to BitMine's ETH holdings. x.com x.comÂ
BitMine is likely to trade sideways with ETH and could retest its lows while holding above the February low, and its premium to mNAV could compress as SharpLink's did. The read on crypto's direction since March has been on the weaker side, so the view is held loosely. x.com x.comÂ
Bitmine Immersion's structure is broken: it trades at $21.04 against NAV of $22.46 per share, a 6% discount, even as ETH rises. Management keeps diluting shareholders, and Tom Lee is paid on performance against ETH, so he is compensated even when Bitmine underperforms while shareholders absorb dilution. The actual share count only surfaced two weeks ago. Holders may never capture ETH's upside through this vehicle, and a class action lawsuit may be brewing. x.comÂ
