New York, January 21, 2026, 20:47 EST — Market closed
- BitMine Immersion shares ended the day 3.9% higher at $29.35, holding steady in after-hours trading
- The company reported total crypto and cash assets hit $14.5 billion, driven mainly by 4.203 million ether holdings
- Shareholders gave the green light to a steep increase in authorized shares, a major point of interest for traders ahead of Thursday
Shares of BitMine Immersion Technologies Inc (BMNR) rose 3.9% on Wednesday, closing at $29.35 following the company’s update on the scale of its crypto and cash reserves. The stock inched higher in late after-hours trading. (Investing)
The numbers are significant because BitMine is behaving more like a leveraged proxy for ether — the cryptocurrency behind the Ethereum blockchain — instead of a typical miner or hosting business. When ether’s price moves, the company’s net asset value often shifts in tandem, dragging the stock along with it.
This week’s update also intensified a second debate about the company’s method for funding additional token purchases. Shareholders approved a significant boost in authorized shares, allowing the company to issue more stock amid growing investor concerns about dilution.
As of Jan. 19 at 5 p.m. ET, BitMine reported holding 4,203,036 ether, each worth $3,211, along with 193 bitcoin. The company also has $979 million in cash and a $22 million stake in Eightco Holdings, which it calls a “moonshot.” Chairman Thomas “Tom” Lee noted, “In the past week, we acquired 35,268 ETH.” BitMine said the previously announced $200 million investment in Beast Industries is set to close this week.
BitMine revealed it has staked 1,838,003 ether, aiming to earn yield on its token holdings. The company pointed to a combined Ethereum staking rate of 2.81% as it prepares to launch its MAVAN staking network in the first quarter. Staking involves locking crypto to validate blockchain transactions in return for rewards. (PR Newswire)
A filing dated Jan. 20 revealed shareholders gave the green light to a charter amendment increasing authorized common shares from 500 million to 50 billion. The change took effect on Jan. 16 for accounting purposes. That meeting also addressed director elections and other governance matters, the filing indicated.
Ether hovered near $3,015, with bitcoin close to $89,928. Both gained ground during the session, providing a more stable backdrop for crypto-linked stocks heading into Thursday.
BitMine positions itself alongside other listed crypto “treasury” plays and miners that investors treat as liquid proxies for tokens. The company has singled out Strategy Inc. (MSTR) as a key reference in the crypto-treasury arena. Meanwhile, miners like Marathon Digital and Riot Platforms tend to join the same momentum swings when crypto prices shift.
But the setup works both ways. A steep fall in ether would dent the marked value of BitMine’s holdings, while staking returns aren’t guaranteed—they can shift as network conditions evolve. Any hiccup in launching its validator network could stall the yield narrative. On top of that, the expanded share authorization keeps investors alert for fresh issuance, which might weigh on the stock despite funding further token buys.
Traders eye Thursday’s session for a filing that confirms the Beast Industries deal is done, along with clues on BitMine’s timeline for using its expanded share capacity. After that, focus moves to the upcoming MAVAN launch slated for the first quarter and the company’s next update on holdings.
