Why Did Bitmine Slow Its ETH Buying?“We view the purchase of our common shares as accretive to shareholder value,” Tom Lee said, adding that Bitmine has bought ETH every week since adopting its treasury strategy on June 30, 2025.The scale of the pullback stands out. Bitmine bought more than 111,000 ETH in a single week in May and regularly acquired tens of thousands of tokens throughout the first half of the year. Bitmine now holds 5.78 million ETH, representing 4.8% of the entire circulating supply and sitting 96% of the way to its stated 5% target.Bitmine’s Ethereum Holdings Near 5% Supply TargetTotal holdings across crypto, cash, and investments reached $11.5 billion as of Sunday. Meanwhile, Bitmine has staked 4,917,189 ETH, roughly 85% of its holdings, through its MAVAN validator platform at a 7-day annualized yield of 2.67%, projecting $247 million in annualized staking revenues. At full deployment, projected staking rewards reach $290 million annually.The company ranks as the largest ETH treasury in the world and the second-largest crypto treasury overall, behind Strategy Inc. (NASDAQ:MSTR), which holds 843,775 BTC valued at roughly $55 billion.Is BMNR About To Break Out?BMNR stock trades 41.1% below its 200-day SMA at $27.32, down 60.35% over the past 12 monthsHowever, BMNR price pushes to $16.42 in premarket, up 4.5%, testing the descending trendline that has capped every rally since the stock peaked near $42 in December. The $13 to $14 demand zone held as the floor in June, building a rising structure into this week’s test.RSI sits at 49.28, neutral and waiting for confirmation. A daily close above $16.05 with volume signals a breakout from eight months of descending resistance. Key levels for BMNR: