New York, Feb 6, 2026, 21:11 (EST) — The session has ended.
- BitMine shares rallied Friday, rebounding from the sharp decline posted the previous session.
- This stock still leans heavily on crypto’s volatility, with ether particularly driving the action.
- Crypto’s weekend swings point to another reset once U.S. markets open Monday.
Shares of BitMine Immersion Technologies, Inc. (BMNR) surged 16.8% on Friday, ending the session at $20.32. That rebound came after a 14.3% drop on Thursday. Volume hit about 54.0 million shares Friday, down from the previous day’s 75.3 million.
BitMine’s stock has become a kind of surrogate for ether these days, with traders pushing BMNR further than the token itself whenever ether jumps or drops.
Crypto never sleeps, but U.S. equities stick to the clock. That gap over the weekend? It can leave some of the smaller, high-beta stocks facing a jolt—prices late Sunday can look very different come Monday morning.
Selling struck hard Thursday. Bitcoin slid to its lowest point in 16 months, touching $63,296, while ether dropped over 13%, ending the session at $1,854. The risk-off wave swept through markets, according to Reuters. “Investors are in capitulation mode,” Coin Bureau founder Nic Puckrin told the outlet. Reuters
Bitcoin jumped on Friday, reclaiming the $70,000 mark, with ether rallying 12% to $2,068—bolstered by gains in tech stocks and precious metals, according to Reuters. “It feels like a day of consolidation,” said Shaun Osborne, Scotiabank’s chief currency strategist. Reuters
BitMine doesn’t hide its exposure to ether. According to a Feb. 2 SEC filing, as of Feb. 1 at 6 p.m. ET, the company listed 4,285,125 ether and 193 bitcoin on its books, along with $586 million in cash. Its ether position was marked with a $2,317 reference price. Out of the total, 2,897,459 ether were reported as “staked”—locked up to support network validation and earn rewards. Executive Chairman Thomas “Tom” Lee added, “In the past week, we acquired 41,788 ETH.”
BitMine started out mining bitcoin with immersion cooling—a method where rigs run in special fluid to handle heat. The company also sells mining gear and offers equipment hosting, according to its profile.
The treasury angle isn’t all upside. Should ether stumble again, the company’s on-paper holdings shrink quickly, and with thin liquidity, the stock can gap hard.
Staking throws in more complexity. Reward rates aren’t fixed, and actually getting your staked tokens back depends a lot on where and how they’re put to work.
Looking to the week ahead, all eyes on ether and bitcoin as the weekend unfolds. BMNR’s opening level Monday, Feb. 9, in the U.S. session will set the tone. Any new details around token balances or funding could hit a market that’s on edge.
Related articles: NASDAQ:BMNR
