NEW YORK, June 2, 2026, 15:01 (EDT)
- Bitmine was off about 6.5% at $17.62 in recent trading. Ether dropped over 4%.
- The company reported Monday it holds $11.6 billion in crypto, cash and “moonshot” assets, with 5.42 million ETH included in that sum.
- Bitmine chairman Thomas “Tom” Lee said the company picked up 26,497 ETH last week and is still aiming to hit its 5% ETH supply goal by 2026. PR Newswire
Bitmine Immersion Technologies shares dropped late Tuesday after the crypto-treasury firm reported that its ether holdings rose to 5.42 million tokens. The move makes the stock a more direct gauge for investor demand in big public-company positions on digital assets.
BMNR was last at $17.62, off 6.5% from the prior close as over 33 million shares traded. The drop came as ether traded near $1,910, down roughly 4% on the session.
Bitmine trades less like a standard bitcoin miner these days and more like a play on ether. The company’s balance sheet tracks ether’s moves, and when crypto dropped on Tuesday, it gave the market an instant read on Bitmine’s recent numbers.
Bitmine reported holdings on May 31 of 5,416,901 ETH at $2,003 apiece, 203 bitcoin, $180 million in Beast Industries, $93 million in Eightco Holdings and $446 million in cash. The company refers to Beast Industries and Eightco Holdings as “moonshots,” its term for higher-risk venture-like stakes that can move sharply in value.
Bitmine chairman Lee said the company picked up 26,497 ETH last week. He said ether’s price wasn’t matching up with what he sees as strong Ethereum fundamentals. Bitmine still expects to hit its “alchemy of 5%” goal — calling for an eventual 5% stake in ether’s total supply — sometime this year. PR Newswire
Bitmine said it has staked 4,718,677 ETH. Staking locks tokens to operate a proof-of-stake blockchain and earns rewards. The company projected annualized staking revenue at $258 million. If all its ETH is staked, Bitmine said rewards could hit $296 million.
Peer read-through dragged. Strategy Inc.—the global crypto treasury that Bitmine sees as the only bigger player—dropped almost 10% on Tuesday. Coinbase, one of the bigger U.S. crypto exchanges and often a barometer for risk in the space, slid roughly 5.5%.
Bitmine is leaning into its scale. The company said it holds the world’s biggest ether treasury, and claims to be second only to Strategy among global crypto treasuries. Bitmine said its shares saw an average daily trading volume of $628 million over four sessions through May 29.
But the risk isn’t indirect. Bitmine’s annual report flagged ETH and bitcoin price swings as a hit to liquidity, results, and where its shares trade. The company also said in the filing that digital-asset treasury stocks can see bigger drops than the coins themselves when premiums drop or when investors lose interest after too many capital raises.
Bitmine’s latest ETH count from May 31, matched with ether prices on Tuesday, puts the value of its ETH position down by about $502 million compared to the $2,003 price it cited in its last update. The loss isn’t realized. But it’s a sign of how fast the headline number can move.
Bitmine calls itself a U.S. bitcoin miner that’s using extra funds to try to build up an Ethereum treasury business. The firm started shifting gears in 2025, moving beyond bitcoin to ETH, and put Lee in the chairman seat.
