New York, January 29, 2026, 21:27 EST — The market has closed.
- BMNR slid 10% to close at $26.70 on Thursday
- An SEC filing revealed President Erik Nelson’s departure along with $605,000 paid in lump sums
- Traders are focused on crypto prices, key U.S. economic data, and the Jan. 30 funding deadline as Friday approaches
Shares of BitMine Immersion Technologies, Inc. (BMNR) dropped 10% on Thursday, closing at $26.70 after a volatile day. The stock swung between $29.15 and $26.03, with roughly 58 million shares traded.
The decline is significant since BMNR has become more of a high-beta play on crypto risk rather than a stable operating business. When the crypto market shifts, the stock can jump sharply—and quickly.
A late-week filing threw a curveball into Friday’s open, as investors scrambled to assess potential changes in the front office and possible shifts in strategy. The timing complicates things: the stock moves only during market hours, but crypto trades around the clock.
In a Jan. 28 SEC filing, the Las Vegas-based firm announced it had fired President Erik Nelson “without Cause,” effective Jan. 22, and struck a separation deal. The document detailed $605,000 in lump-sum payments, including $585,000 in severance and a $20,000 notice payment, stressing the move wasn’t due to any dispute over company operations, policies, or practices. 1
Crypto prices didn’t lend any support. Ether dropped nearly 9.6% in the last 24 hours, while bitcoin slipped around 8.2%, adding strain to stocks tied to digital assets.
Other names tied to crypto also slid. Strategy (MSTR) dropped roughly 9.7%, with Coinbase (COIN) and Marathon Digital (MARA) each down around 4.8% in the most recent session.
“Geopolitical tensions … and tech earnings have been influencing market sentiment,” Wenny Cai, chief strategy officer at Synfutures, told Barron’s, noting that sharp moves often snowball when leveraged positions unwind. 2
BitMine has promoted itself as an ether-treasury play, a connection that works both ways when the token fluctuates. On Jan. 25, the company revealed it held 4.243 million ether and 193 bitcoin, plus cash and other assets. That mix makes the stock particularly reactive to crypto price swings. 3
Investors are watching dilution risk closely. A filing from Jan. 20 revealed shareholders agreed to a charter amendment raising authorized common stock — the cap on shares a company can issue — to 50 billion from 500 million. 4
Still, none of this locks in a clear direction. Should ether keep falling, BMNR could remain under pressure despite any filings. Management changes add another layer of uncertainty, leaving traders unsure about timing, messaging, and whether the company will utilize its increased share capacity.
Macro developments may stir the pot. Congress has until Jan. 30 to secure government funding, with economists flagging a fresh shutdown risk that might disrupt the data calendar once more. “There is no evidence that layoffs are picking up,” said Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets, in a Reuters report. The piece also highlighted that next week’s U.S. employment report could face delays if the government shuts down again. 5
Friday’s session draws focus on U.S. producer price inflation data and the Chicago PMI. Earnings reports from Exxon Mobil, Chevron, American Express, and Verizon are also set to drop. Additionally, Atlanta Fed President Alberto Musalem is scheduled to speak, Reuters’ “Trading Day” column noted. 6
BMNR’s next move will probably hinge on a management update or a fresh push in crypto ahead of the weekend. Key markers to watch are Friday’s data release and the funding deadline on Jan. 30.
