New York, Jan 6, 2026, 20:50 (ET) — Market closed
- BMNR closed down 3.1% on Tuesday after a volatile session.
- BitMine said crypto, cash and other holdings totaled $14.2 billion, led by about 4.14 million ether.
- A shareholder meeting on Jan. 15 will include a vote on boosting authorized shares, while Cantor began coverage with an Overweight rating.
Shares of BitMine Immersion Technologies (BMNR) closed down 3.1% at $32.33 on Tuesday. The stock traded between $31.38 and $34.04, with about 40.5 million shares changing hands. StockAnalysis
The Las Vegas-based firm has pushed into a “digital-asset treasury” play — a company whose balance sheet is dominated by crypto rather than operating assets. That can make BMNR trade more like a proxy for ether prices and risk appetite than for day-to-day mining fundamentals.
That model is drawing fresh attention after index provider MSCI said it will not implement a proposal to exclude “digital asset treasury companies” from its global benchmarks as part of its February review, but will broaden its consultation on how to classify firms that look more like investment vehicles. MSCI defines those companies as ones whose digital-asset holdings represent 50% or more of total assets. Reuters
In an operational update filed with regulators on Monday, BitMine said crypto, cash and “moonshots” holdings totaled $14.2 billion, including 4,143,502 ether and 192 bitcoin, plus $915 million in cash and a $25 million stake in Eightco Holdings. The company pegged the ether valuation at $3,196 per token using a Coinbase reference price as of Jan. 4 at 9 p.m. ET, and said the stash represented 3.43% of ether supply. SEC
BitMine said it had staked 659,219 ether — locking tokens to help secure the network in exchange for yield — and cited a 2.81% composite ethereum staking rate. Chairman Tom Lee said “the ETH staking fee is $374 million annual,” and the company reiterated plans to deploy its Made in America Validator Network staking platform in early 2026. PR Newswire
The same update flagged a Jan. 15 annual meeting in Las Vegas, where shareholders will vote on a charter amendment to increase authorized shares — the ceiling on stock the company can issue — among other items. The proposal matters because share issuance is a common funding route for crypto-treasury strategies, but it also raises dilution fears if used aggressively.
Cantor Fitzgerald analyst Brett Knoblauch started coverage with an Overweight rating and a $39 price target, TipRanks reported, arguing that scale can be an advantage in digital-asset treasury models. TipRanks
Ether was last up about 0.5% on Tuesday, while bitcoin was down about 1.5%. Moves in those benchmark tokens often drive flows in crypto-linked equities, including BMNR, even after the cash session ends.
But the strategy cuts both ways: a sharp drop in ether can shrink the value of BitMine’s holdings, and any equity financing to fund more purchases can weigh on per-share exposure. The MSCI review adds another layer of uncertainty around how markets and index providers treat crypto-heavy balance sheets.
Investors’ next near-term catalyst is the proxy-voting cutoff on Jan. 14, followed by the Jan. 15 annual meeting, when shareholders will decide the authorized-share proposal and traders will look for updates on financing plans and fresh crypto purchases.
