NEW YORK, December 30, 2025, 14:01 ET — Regular session
- BMNR shares fell about 0.8% in afternoon trading, even as ether and bitcoin edged higher.
- The company said its Ethereum holdings reached 4.11 million tokens, part of $13.2 billion of crypto and cash.
- A Jan. 15 shareholder meeting will include a proposal to increase authorized shares, a step that can enable future fundraising.
Shares of BitMine Immersion Technologies Inc were down about 0.8% at $28.32 by 2:01 p.m. ET on Tuesday, with volume around 18.0 million shares. In a press release filed with the SEC, the NYSE American-listed firm said its Ethereum holdings reached 4.11 million ether (ETH), part of $13.2 billion of crypto and cash, ahead of a Jan. 15 shareholder meeting. “Year-end tax-loss related selling is pushing down crypto and crypto equity prices,” chairman Thomas “Tom” Lee said. SEC
The update matters because BitMine has turned itself into an “Ethereum treasury” story — a company whose balance sheet is dominated by crypto rather than operating assets. That ties BMNR closely to day-to-day swings in ether, which can move sharply on liquidity and sentiment.
It also lands as shareholders head into a vote that includes a charter amendment to increase authorized common shares. Investors often watch that item closely because it can pave the way for future share issuance, which can dilute existing holders even as it funds new purchases.
BitMine said that as of Dec. 28 at 6 p.m. ET it held 4,110,525 ether valued at $2,948 per token, as well as 192 bitcoin and $1.0 billion in cash. The company also cited a $23 million stake in Eightco Holdings as part of what it called “moonshots” holdings.
The company said its ether position amounts to about 3.41% of the total ETH supply. That scale can amplify equity volatility: a $100 move in ether changes the notional value of a 4.11 million ETH position by roughly $411 million, before any hedging or operating costs.
BitMine said it had staked 408,627 ether — locking tokens to help validate transactions on the network and earn rewards — and is working with three staking providers. It expects its Made in America Validator Network, or MAVAN, to launch in the first quarter of 2026.
Staking rewards fluctuate with network conditions, but the company pitched staking as a potential earnings lever for what is otherwise a balance-sheet-driven strategy. Lee said the firm is aiming to increase the portion of its ether that is staked over time.
The Jan. 15 annual meeting — scheduled at the Wynn Las Vegas, the company said — will also cover director elections and approval of a 2025 omnibus incentive plan. The agenda includes an advisory vote on a performance-based compensation arrangement for the executive chairman, and proxy voting is set to close late on Jan. 14.
BitMine filed the press release and other meeting materials — including a presentation, video transcript and an audio message urging shareholders to vote — in a Form 8-K on Monday. Investors will comb the materials for updated targets on ether purchases and any clues on financing plans tied to the share authorization vote.
In the broader market on Tuesday, ether was up about 1.8% and bitcoin rose roughly 1.0% in afternoon U.S. trading.
Crypto-exposed equities were mixed: Strategy Inc, the bitcoin-heavy corporate holder, was up about 1.1%, while Coinbase was little changed. Miners Marathon Digital and Riot Platforms were around flat to modestly lower.
What investors watch next for BMNR is straightforward: whether BitMine keeps adding ether at the pace outlined in its update, whether it increases the share of holdings it stakes to generate yield, and whether it signals new capital-raising plans around the vote.
For now, the next hard catalyst is the Jan. 15 shareholder meeting — with ether’s price action likely to remain the day-to-day driver.
