NEW YORK, December 31, 2025, 08:00 ET — Premarket
- BitMine Immersion shares were little changed in premarket trading after a recent ether-holdings update.
- The company said it held 4.11 million ether tokens and $13.2 billion in crypto and cash as of Dec. 28.
- Investors are watching a January shareholder vote tied to governance and capital-raising flexibility.
BitMine Immersion Technologies Inc shares were little changed in premarket trading on Wednesday, keeping the crypto-treasury stock in focus after the company disclosed a larger ether position and urged shareholders to vote ahead of its annual meeting.
The update matters now because BitMine has become a high-beta proxy for ether — meaning its equity can swing sharply with moves in the underlying token as investors try to price the company’s crypto-heavy balance sheet.
It also comes during a year-end window when liquidity can thin and tax-driven positioning can amplify moves in crypto-linked equities. “Staking” — locking tokens to help secure a blockchain in exchange for a yield — is another focal point as BitMine pushes to turn holdings into recurring income.
The stock ended Tuesday down 2.9% at $27.72, with about 30.5 million shares changing hands, according to price data.
BitMine said on Dec. 29 that, as of Dec. 28 at 6:00 p.m. ET, it held 4,110,525 ether tokens valued at $2,948 per token, along with 192 bitcoin, a $23 million stake in Eightco Holdings and $1.0 billion in cash — totaling $13.2 billion in crypto, cash and other holdings. Chairman Thomas “Tom” Lee said “year-end tax-loss related selling is pushing down crypto and crypto equity prices,” adding that BitMine bought 44,463 ether in the past week. PR Newswire
In an SEC-filed release the company said it had 408,627 ether staked as of Dec. 28 and was working with three staking providers as it moves toward launching its “Made in America Validator Network” in 2026. It also said ether staking rates tracked by a composite measure were about 2.81%, and Lee put the potential annual staking fee at $374 million when the company’s ether is fully staked. The filing also framed BitMine as the largest public ether treasury and compared it with bitcoin-treasury bellwether Strategy Inc, which it said held 671,268 bitcoin worth $59 billion. SEC
BitMine has also stepped up shareholder outreach ahead of its Jan. 15 annual meeting in Las Vegas, an SEC filing showed, including a shareholder presentation and a recorded message urging investors to cast ballots before the Jan. 14 proxy deadline.
Crypto prices were modestly higher early Wednesday, with ether up about 0.2% and bitcoin up about 0.9%, offering a steadier backdrop for crypto-linked shares heading into the year-end session.
With more than 4.1 million ether on the balance sheet, small token moves can translate into big swings in the company’s crypto holdings. Using the reference price cited in its holdings update, a 1% move in ether would change the value of BitMine’s ether pile by roughly $120 million.
Traders will likely watch for any fresh disclosures on token purchases, staking progress and the outcome of the shareholder vote, which includes a proposal to increase authorized shares — the legal cap on how many shares a company can issue — a step that can expand financing flexibility but also raise dilution concerns.
