New York, Feb 1, 2026, 04:55 EST — The market has closed.
- BMNR slipped in the final session as volatile crypto prices grabbed attention ahead of Monday’s open.
- Over the weekend, ether and bitcoin slipped, increasing pressure on U.S. stocks tied to crypto.
- Traders are digesting a recent SEC filing that reveals shifts in the company’s leadership team.
BitMine Immersion Technologies (BMNR) dropped close to 6% on Friday, closing at $25.10. The stock swung between $24.56 and $26.52, with roughly 45.5 million shares changing hands, according to market data.
Here’s why it’s significant: the company has doubled down on Ethereum, the blockchain that powers many tokenized assets; ether is its native token. On Jan. 26, BitMine disclosed it held 4.243 million ether as of Jan. 25, along with 193 bitcoin and $682 million in cash, and said it’s gearing up for a staking push — locking tokens to validate transactions and earn yield. Chairman Thomas “Tom” Lee said, “Wall Street has embraced crypto and blockchain assets,” adding, “In the past week, we acquired 40,302 ETH.” (PR Newswire)
Ether dropped roughly 8.5% from Sunday’s close, landing near $2,422. Bitcoin slipped about 5.2%, trading around $78,747. These shifts set the tone as U.S. markets gear up to reopen Monday.
Crypto-linked stocks showed a mixed bag on Friday. Riot Platforms dropped roughly 8.7%, Marathon Digital Holdings edged down 3.4%, and Strategy Inc. climbed around 4.6%.
BitMine disclosed in a Jan. 28 SEC filing that it reached a separation agreement with president Erik Nelson, who left the company without cause effective Jan. 22. The deal includes a $20,000 notice payment plus $585,000 in severance. The company emphasized Nelson’s exit wasn’t related to any disputes over operations, policies, or practices.
BitMine specializes in bitcoin mining with immersion technology, which cools computers by submerging them in a specialized fluid. The company also deals in equipment sales and hosting. (Reuters)
Still, the stock can shift sharply either way. A sharper drop in ether would reduce the value of token holdings and might reignite concerns about dilution if the company goes back to the markets to fund more purchases.
Traders have a straightforward set of priorities: watch crypto prices as markets open Monday, look out for any new updates on token holdings or staking, and see if the company hints at more leadership shifts.
Outside of crypto, the week brings key macro data, starting with the ISM manufacturing report at 10:00 a.m. EST Monday (Feb. 2). Then on Friday (Feb. 6) at 8:30 a.m. EST, the U.S. employment report drops. Both have the potential to shift risk appetite, which could ripple into crypto-related stocks like BMNR. (Ismworld)
