New York, Feb 5, 2026, 13:48 EST — Regular session
- Shares of BitMine Immersion dropped roughly 10% after ether slipped beneath the $2,000 mark.
- After building a sizable ETH treasury, the stock has turned into a high-beta stand-in for Ethereum.
- Traders keep an eye on crypto prices while awaiting the company’s Q1 staking rollout for a clearer signal.
Shares of BitMine Immersion Technologies dropped 10.3% to $18.20 in afternoon trading Thursday, following a new selloff in ether and related crypto assets.
The decline is significant since BitMine has linked its balance sheet to Ethereum, effectively making its stock a liquid option for equity investors to bet on ETH without owning actual tokens. This connection has grown stronger amid the crypto market turbulence this week.
BMNR hit a peak of $20.19 and dipped to a low of $18.15 during the session, with over 40 million shares traded by mid-afternoon, according to market data.
Ether slipped under $2,000 briefly on Thursday, dropping roughly 7.8% over the past 24 hours, according to Binance market data.
BitMine has drawn investor attention to the scale of its crypto assets in recent filings, including a Feb. 2 report to the U.S. Securities and Exchange Commission that provided an update on operations.
The company reported holding 4,285,125 ether as of Feb. 1, along with 193 bitcoin and $586 million in cash. It also owns a $200 million stake in Beast Industries and a smaller, so-called “moonshots” position in Eightco Holdings.
The company reported holding roughly 2.9 million ether staked, a process that locks tokens to support network validation in exchange for rewards. It also plans to roll out its “Made-in-America Validator Network” staking infrastructure by the first quarter of 2026.
“ETH prices have taken a sharp hit over the past month,” executive chairman Thomas “Tom” Lee said in the company’s statement. He noted that BitMine added 41,788 ETH last week, continuing to buy during the pullback. PR Newswire
After the selloff, a few traders have begun highlighting technical signals. On Wednesday, a Nasdaq.com column noted that BMNR’s 14-day relative strength index (RSI), a momentum indicator, fell to 29.9 — a figure many technicians consider “oversold.” Nasdaq
But the stock’s sensitivity works both ways. Should ETH continue to slide, BitMine’s holdings could take a hit in value, putting its staking plans under increased pressure. The company warned in its materials that its forward-looking targets hinge on variables beyond its control.
Traders will next watch to see if ether can maintain support at $2,000 and if BitMine provides any updates soon on its Q1 staking launch. Some calendars suggest earnings might land around Feb. 9–10, but the company hasn’t officially set a date.
