NEW YORK, December 30, 2025, 06:39 PM ET — After-hours
- BMNR was down about 3% at $27.72 in Tuesday after-hours trading.
- BitMine said it held 4,110,525 ether as of Dec. 28, taking total crypto, cash and other holdings to $13.2 billion.
- Investors are watching a Jan. 15 annual meeting vote that includes a proposal to increase authorized shares and expand staking.
Shares of BitMine Immersion Technologies Inc were down about 3% at $27.72 in Tuesday after-hours trading, a day after the company detailed its latest ether holdings. The stock traded between $27.55 and $29.16 and volume was about 30.5 million shares.
BitMine’s crypto-treasury strategy — where a company holds cryptocurrencies such as ether on its balance sheet — has turned the stock into a high-beta proxy for digital-asset prices. The year-end window can amplify moves as liquidity thins and tax-driven repositioning kicks in.
In a filing late Monday, BitMine said that as of Dec. 28 it held 4,110,525 ether and 192 bitcoin, along with $1.0 billion in cash, taking total crypto, cash and other holdings to $13.2 billion. The company said its ether stash equals 3.41% of the token’s supply and that it added 44,463 ether in the past week. “Year-end tax-loss related selling is pushing down crypto and crypto equity prices,” chairman Tom Lee of Fundstrat said. SEC
The company said it had staked 408,627 ether — locking up tokens to help validate transactions and earn rewards — and expects to launch its Made in America Validator Network staking platform in early 2026. It urged shareholders to vote ahead of a Jan. 15 annual meeting at Wynn Las Vegas, where proposals include raising the number of authorized shares and adopting a new incentive plan.
Authorized shares set the ceiling on how much stock a company can issue, and a higher limit can make it easier to raise equity to fund additional crypto purchases. The proxy vote closes on Jan. 14, the company’s chairman said in a separate message.
Bitcoin rose about 1.5% on Tuesday and ether gained about 1.3%, while several U.S.-listed crypto stocks slipped, including Coinbase and bitcoin miners Marathon Digital and Riot Platforms. Strategy, the bitcoin-heavy software firm often treated as a bellwether for corporate crypto holdings, was little changed.
BitMine’s disclosed ether holdings were valued at about $12.1 billion using the company’s reference price, making small swings in ETH meaningful for equity investors. A 1% move in ether changes the value of that position by roughly $120 million, before accounting for cash and other assets.
That dynamic helps explain why traders have treated crypto-treasury stocks like leveraged plays on digital assets, particularly when firms regularly add to holdings. It also puts the focus on how purchases are funded and whether share issuance dilutes existing investors.
Staking can turn otherwise idle ether into a yield stream, but returns can fluctuate with network activity and validator fees. Investors will be looking for evidence that staking income can offset volatility in the underlying token.
The next near-term catalyst is the Jan. 15 meeting and the outcome of proposals that include boosting authorized shares and a compensation plan tied to the executive chairman. Traders will also watch for new treasury updates as year-end flows fade and liquidity normalizes in early January.
After Tuesday’s slide, the $27.55 intraday low is a near-term support marker, while the $29 area is the first hurdle for a rebound.
