New York, May 17, 2026, 12:04 EDT
- Bitmine ended Friday down 9.7% at $19.87. The stock slid about 10.4% for the week.
- Ether was around $2,186 Sunday, down from the $2,366 level Bitmine reported in its last holdings update.
- U.S. stocks reopen Monday as NYSE regular hours go from 9:30 a.m. to 4:00 p.m. ET.
Bitmine Immersion Technologies is on the back foot at the start of the week after shares sold off hard on Friday. Traders are watching its big Ethereum stake as the token fell over the weekend.
The stock settled at $19.87 on Friday, dropping 9.7% as it wrapped the week off 10.4%. After hours, shares were flat near $19.82. Volume was high with close to 49.7 million shares traded.
Timing is key as U.S. stock markets are shut for the weekend and crypto keeps trading. Ether traded close to $2,186. Bitcoin was last seen near $78,045.
Bitmine reported in a May 11 filing it held 5.21 million ETH, 201 bitcoin, and $775 million cash, along with investments in Beast Industries and Eightco Holdings. Total crypto, cash, and “moonshot” positions were $13.4 billion as of May 10. The company used a valuation of $2,366 per ETH for the update.
So it comes down to a mark-to-market read on Monday. Bitmine’s reported ETH stash and Sunday’s ETH price peg the holding at about $11.4 billion. That’s around $936 million less than the value calculated from the company’s May 10 reference price.
Bitmine is now seen as a public market Ethereum play. Staking has become key for the company. Chairman Thomas “Tom” Lee said Bitmine plans to “hold and stake” its ETH. He also said the company is slowing its weekly ETH buys as it nears its goal of holding 5% of the total ETH supply. PR Newswire
Lee is calling the move a bet on digital assets recovering, saying “‘crypto spring’ has commenced.” Bitmine’s staked ETH totaled 4.71 million tokens on May 10, with annualized staking revenues at $319 million, he said. PR Newswire
Crypto stocks fell Friday with Bitmine and others sliding. Strategy, the bitcoin treasury company, dropped 5.2%. MARA Holdings lost 6.3%. Riot Platforms fell 4.7%. QQQ, the Nasdaq tracker, was down 1.6%. SPY, which tracks the S&P 500, slipped 1.2%.
Bitmine’s uplisting to the New York Stock Exchange in April is still a key part of the bullish argument. The company lifted its share buyback program to $4 billion. A buyback lets Bitmine buy its own stock to help its per-share price. NYSE executive Chris Taylor called Bitmine a “strong addition” to the exchange. Lee said the buyback could allow Bitmine to retire stock if it trades below what management sees as fair value. PR Newswire
The risk is pretty clear. If ETH drops, staking yields slip, or digital-asset rules get tougher, Bitmine shares could look less like a growth play, more like a levered bet on crypto assets. Bitmine has already warned on financing, market moves, regulation, and future prices for bitcoin and Ethereum.
The week kicks off with trading Monday. NYSE regular hours run from 9:30 a.m. to 4:00 p.m. ET. BMNR comes up first after Friday’s dip under $20, and the question is if weekend crypto moves push it even lower, or if buyers see the drop as a floor.
