New York, February 7, 2026, 07:12 EST — Market closed
BitMine Immersion Technologies, Inc. (BMNR) shot up 17.6% to finish Friday at $20.47, breaking out of its recent slump as crypto stocks followed bitcoin and ether’s rebound. With U.S. exchanges closed Saturday, all eyes turn to Monday’s open, following a weekend where crypto trading doesn’t stop.
The stock now swings with ether’s ups and downs. BitMine pitches itself as a digital-asset platform aimed at squeezing out the most ETH per share. That’s shifted focus to its crypto holdings, and away from its underlying operations.
Right now, that’s significant: with crypto liquidity drying up, even modest trades are moving the needle more than before. “Reduced liquidity translates into sharper and more erratic price movements,” said Thomas Probst, research analyst at crypto data firm Kaiko. He noted that market depth is declining—a sign there’s less to buy or sell close to current prices without causing a swing. Reuters
Friday saw crypto prices snap back sharply. Bitcoin jumped 10.79%, ether popped 10.88% to $2,047.77, dragging crypto stocks higher as well. This came after a wave of selling hit riskier assets earlier in the week. “Whether or not this bounce continues is questionable,” said Robert Pavlik, senior portfolio manager at Dakota Wealth. Reuters
After a steep selloff the previous day, the rebound took shape. On Thursday, Bitcoin dropped to $63,295.74—its lowest mark since October 2024—and roughly $1 billion in bitcoin positions got wiped out in just 24 hours, according to CoinGlass. “It’s clear the crypto market is now in full capitulation mode,” said Coin Bureau’s Nic Puckrin. Reuters
Scale and staking have dominated BitMine’s narrative in its own filings. On Feb. 2, the company reported holding 4,285,125 ether tokens and $586 million in cash, pushing combined crypto and cash assets to $10.7 billion as of Feb. 1. Of that, 2,873,459 ether were staked—locked up for network rewards—with a MAVAN staking product still aiming for a Q1 2026 rollout. Chairman Tom Lee said staking rewards could top $1 million per day at scale.
The company released the operational update in a press statement, attaching it as an exhibit to the same-day filing, according to a current report.
Volume remained strong, with 74.1 million shares traded Friday—following Thursday’s 75.3 million, exchange data from Yahoo Finance shows.
Friday’s rally wasn’t enough to erase BMNR’s slide—shares remain roughly 18% off their Jan. 30 close at $25.10. The move highlights just how fast this stock can swing from hot trade to sharp pullback.
Of course, leverage isn’t always your friend. On Feb. 5, ether dropped roughly 15%. Then, just a day later, it snapped back by nearly 13%. That sort of whiplash in a two-day span can leave BMNR vulnerable to weekend shifts before U.S. markets come back online.
Bitcoin’s rally Friday pulled up other crypto-related stocks as well. Strategy surged 25%. Coinbase tacked on 13%. Robinhood, too, climbed 14% as buyers dipped back in following the sector’s recent slide.
Traders are keeping an eye on crypto prices over the weekend and watching for any new company filings before the U.S. market opens Monday. BitMine’s upcoming earnings report is projected for April 14, based on data from Yahoo Finance.
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