New York — March 18, 2026, 5:49 PM EDT
- Bitmine shares slipped roughly 7.8% to $21.41 after hours. Ether also dropped, down 5.9%.
- This week, the company reported holding 4.595 million ETH, along with $11.5 billion in crypto, cash, and strategic assets.
- Citigroup trimmed its 12-month price target for ether, cautioning that key U.S. policy drivers might not materialize soon.
Bitmine Immersion Technologies tumbled in after-hours action Wednesday, the NYSE American-listed stock dropping around 7.8% to $21.41 from its prior close, as ether weakened following the Fed’s rate decision—not a change, just one cut signaled for the year. Earlier, Bitmine had touched $23.55 before reversing course.
This move carries weight for Bitmine, which has hitched itself to ether—the core token for Ethereum. In a Monday filing, Bitmine disclosed holdings of 4,595,562 ETH, roughly 3.81% of the entire ether supply. The company also reported owning 196 bitcoin, $1.2 billion in cash, and smaller positions in Beast Industries and Eightco. All told, Bitmine’s crypto, cash, and strategic interests add up to $11.5 billion.
BMNR’s shares have started behaving more like a liquid ether play than a typical mining stock. Bitmine reported 3,040,515 ETH staked—those tokens are tied up to validate transactions, earning staking rewards—and annualized staking revenue now sits at $180 million. The company is pushing ahead with plans for its U.S.-focused validator network, MAVAN.
Executive Chairman Tom Lee pointed out that crypto has outpaced other assets since the Iran conflict began, linking the rally to rising oil prices that he said are sending investors into “growth stocks”—naming software and digital assets specifically. Lee added that Bitmine is now buying ETH more aggressively each week, and believes the “mini-crypto winter” is nearing its endgame. sec.gov
Ether hovered around $2,202 in late trading, while bitcoin was last seen at $71,334. The slump hit broader markets, too: the S&P 500 finished 1.36% lower, and the Nasdaq lost 1.46%. Shares of Strategy and BTCS, both tied to crypto, slid roughly 6.5% and 7.1%.
Bitmine claims the world’s biggest ether stash and sits just behind Strategy, which reportedly holds 738,731 bitcoin, as the No. 2 crypto treasury. That ranking gives some color to the stock’s volatility—shares can whip around with token price changes, despite Bitmine bringing in cash, staking gains, and other investments.
Lee flagged a pair of secondary plays in the update: Bitmine dropped $80 million more into Eightco following its OpenAI buy, and snapped up 5,000 ETH straight from the Ethereum Foundation. Both deals give Bitmine some extra angles, but the main force behind the shares remains ether.
There’s risk lurking for those betting the other way. Citigroup early Tuesday slashed its 12-month price target for ether to $3,175, warning in a recession scenario the token could slip as far as $1,198. Strategist Alex Saunders flagged a shrinking window for U.S. legislation that might spark adoption and ETF inflows. Citi also pointed out ether is still highly sensitive to sluggish user-activity numbers.
Bitmine has cautioned that upcoming results hinge on bitcoin and ether prices, as well as the company’s capacity to fund treasury and staking operations and deliver on MAVAN. Should ether extend its decline, the stock could face even steeper pressure—just as sharply as the surges that put BMNR among the market’s wildest crypto movers.
