NEW YORK, June 3, 2026, 10:06 ET
- BitMine slipped 3.2% to $17.39 in early New York trading, tracking a 5.5% move lower in ether.
- The company’s newest update lists 5.42 million ETH along with $11.6 billion in crypto, cash, and so-called “moonshot” bets.
- A new SEC filing made Tom Lee’s Paris investor talk public for the first time. Lee is the executive chairman.
BitMine Immersion Technologies shares dropped Wednesday as ether tumbled and investors focused on one of the biggest corporate investments in the Ethereum blockchain.
BitMine shares dropped 3.2% to $17.39. Ether was near $1,861. SPY, which tracks the S&P 500, slipped about 0.5%, but BitMine traded more on crypto sentiment than general market losses.
BitMine isn’t acting like just a bitcoin miner anymore. The company is now a public market play on Ethereum, with its balance sheet loaded with ETH instead of cash, bonds or business assets.
BitMine listed 5,416,901 ETH, 203 bitcoin, $446 million cash, a $180 million Beast Industries stake, and $93 million in Eightco Holdings among its holdings as of May 31, according to a June 1 SEC exhibit. Chairman Thomas “Tom” Lee said BitMine “acquired 26,497 ETH” last week and is aiming for a 5% ETH supply holding in 2026.
The company reported 4,718,677 ETH is staked. Staking involves locking up tokens to secure the Ethereum network and earn yield. BitMine said its staking arm brought in a 2.73% annualized yield over the past week. Lee estimated full-year staking revenue would reach $258 million.
BitMine’s filings kept coming. In a June 2 Form 8-K, the company said it put out an investor presentation by Lee in Paris, filing it under Regulation FD. The SEC rule is designed to prevent companies from sharing material information with select investors before the wider market sees it.
Lee made a bullish pitch for Ethereum in Paris, CoinDesk reported, pointing to AI and tokenization as catalysts for big changes in financial infrastructure. To skeptics, he said, “you are selling at the bottom.” CoinDesk
BitMine is on the preliminary Russell 3000 additions list from FTSE Russell, dated May 22, according to LSEG. The reworked indexes go into effect after the U.S. market closes on June 26. An index is a set group of stocks that serves as a benchmark, so when a stock gets added, funds tracking the index may need to change what they hold. LSEG
Peers traded mixed. Strategy, which BitMine calls the bigger global bitcoin treasury, added 0.1% to $136.23. SharpLink, an Ethereum treasury stock, dropped 1.3% to $5.735.
The risk for BitMine is clear. If ether drops, BitMine’s stack shrinks fast. Staking yields might shift, and the company still relies on outside capital to keep up ETH purchases. Its filing flagged that results could change based on the market, regulation, financing, and where bitcoin or ether trade next.
BMNR shares are acting more like an Ethereum play than a mining stock right now. The focus shifts to whether BMNR can hold a level before the Russell rebalancing wraps up, or if the ether drop keeps dragging it down.
