New York, March 17, 2026, 10:50 EDT
Shares of Bitmine Immersion Technologies (NYSE American: BMNR) edged up almost 1% early Tuesday, extending gains from a strong Monday rally. Investors took a closer look at a fresh filing disclosing a significantly larger crypto reserve for the company. The stock last traded near $23.62, up from $20.54 at Monday’s open before closing at $23.39 on March 16.
This update lands as Bitmine cements its role as one of the most visible pure-play ether stocks. The company disclosed a total of $11.5 billion in crypto, cash and other holdings, noting that its stash of ether now accounts for 3.81% of the token’s supply—right as ether hovers near $2,346.
Bitmine’s March 16 filing showed just how much digital assets now fill its books. As of March 15, the company counted 4,595,562 ether, 196 bitcoin, plus $1.2 billion in cash. Bitmine also listed minority stakes in Beast Industries and Eightco. Of those ether holdings, 3.04 million are staked, earning validation rewards for the network. That staking business, the company reported, is pulling in roughly $180 million in annualized revenue.
Thomas Lee, chair of Bitmine, said the company snapped up 60,999 ether in the past week—a quicker pace than usual—as management believes ether is emerging from a “mini-crypto winter.” Lee added that Bitmine picked up 5,000 ether straight from the Ethereum Foundation, which gave the foundation a way to support its operations without having to unload tokens on the open market. PR Newswire
Bitmine is right in the middle of the digital-asset treasury play—those public companies staking crypto on their balance sheets, offering shareholders a stand-in for outright token ownership. Strategy has taken the crown in bitcoin. For ether exposure, Bit Digital, BTCS and SharpLink have followed a similar path.
Bitmine’s shift is a recent one. Back in July, Reuters said the company rolled out its ether treasury plan following a $250 million private placement, also bringing Fundstrat’s Thomas Lee onto the board. The core business still revolved around bitcoin mining, hosting, and advisory. Peter Thiel later revealed a 9.1% stake—at that point, he was Bitmine’s largest known shareholder.
Still, the setup remains shaky. On Tuesday, Citi slashed its 12-month ether forecast to $3,175, down from $4,304, and flagged weak activity metrics on the Ethereum network. “The window of opportunity for U.S. crypto legislation this year is narrowing,” said the bank’s strategist, Alex Saunders. Over at JonesTrading, Michael O’Rourke had already cautioned last summer that treasury models risk “perpetual dilution” as firms issue new shares to scoop up more crypto. Reuters
BMNR surged Monday, but the stock remains deep in the red—still trading over 85% below its 52-week peak at $161. That gap alone tells the story of how wild the moves have been in the past year.
