New York, Feb 3, 2026, 11:23 a.m. ET — Regular session
- Shares slipped as ether dropped once more, weighing on crypto-linked stocks
- Company reports holding roughly 4.29 million ether, along with cash, bitcoin, and equity investments
- Attention turns to the staking rollout and the upcoming validator-network launch slated for Q1 2026
Bitmine Immersion Technologies shares dropped 1.9%, closing at $22.37 on Tuesday, continuing a decline following the company’s recent update revealing a $10.7 billion blend of crypto and cash in its operations.
The timing is key since the stock has acted almost like a high-beta stand-in for ether, the Ethereum network’s token. Ether fell 4.8% on the day, while bitcoin dropped 2.3%, creating a tough environment for firms with crypto-linked balance sheets.
Bitmine reported holding 4,285,125 ether as of Feb. 1, representing 3.55% of Ethereum’s total token supply. The update also revealed $586 million in cash reserves, 193 bitcoin, and equity stakes worth $200 million in Beast Industries and $20 million in Eightco Holdings.
Executive Chairman Thomas “Tom” Lee noted that ether slipped from about $3,000 to near $2,300 over the last month, despite rising network activity. He blamed “non-fundamental factors” for the price drop. Lee highlighted the absence of leverage in the market and a flight to precious metals, which he said had sapped risk appetite. (PR Newswire)
The company reported buying 41,788 ether last week and currently holds around 2.9 million ether staked—tokens locked to support the network in exchange for rewards. Bitmine estimates staking rewards could total roughly $374 million per year, based on a 2.81% composite staking rate. (Barchart)
Bitmine is joining a rising group of public companies branding themselves as crypto treasuries instead of miners, a strategy that can magnify market swings both ways. In its statement, the firm positioned itself as the leading publicly traded “Ethereum treasury,” drawing comparisons to Strategy Inc., which is better known for its sizable bitcoin stake.
But the setup works both ways. A sharper drop in ether could rapidly erode the value of Bitmine’s holdings, potentially forcing the company to halt purchases or seek capital market funding. Meanwhile, staking yields remain vulnerable to shifts in network conditions and participation levels.
Traders are eyeing the next move in ether and how tightly BMNR follows it, all while awaiting new details on Bitmine’s staking expansion, including its scheduled Made-in-America validator-network debut in early 2026.
