Norwalk, Conn., April 2, 2026, 17:09 EDT
Bitmine Immersion Technologies (BMNR) slipped around 1% to $19.45 on Thursday. This came despite the company’s announcement earlier in the week: Ether holdings hit 4.73 million tokens as of March 29, and all crypto, cash, plus related assets totaled $10.7 billion. Ether itself slid roughly 4%, trading near $2,066.
Bitmine’s pivot from bitcoin mining and hosting to an ether-loaded treasury model comes at a time when investors have started pulling back from digital-asset treasury companies. These public firms, holding tokens as a mainstay, surged last year by giving stock buyers regulated crypto access. Still, wild token price moves make them tough to value.
Bitmine reported holding 4,732,082 ether, 197 bitcoin, and $961 million in cash as of March 29, with additional positions in Beast Industries and Eightco Holdings. Altogether, that pushed the firm’s total for crypto, cash, and related assets to $10.7 billion. The ether stash alone represented 3.92% of the token’s 120.7 million total supply.
Out of the total, 3,142,643 ether were staked—locked up to backstop Ethereum’s network for rewards—with Bitmine pegging that stash at $6.3 billion based on a $2,005 ether price. Bitmine put annualized staking revenue at $177 million.
Bitmine ramped up its ether purchases last week, Chairman Thomas Lee said, snapping up 71,179 tokens compared to its usual 45,000 to 50,000 weekly. Lee pointed to the stepped-up buying as a sign the company expects a “mini-crypto winter” is winding down. PR Newswire
Bitmine wants a bigger piece of the infrastructure side, too. On March 25, it rolled out MAVAN, its proprietary Ethereum staking platform. Five days later, a March 30 filing revealed Bitmine had finalized its purchase of Pier Two, an Australian firm specializing in validator and non-custodial staking infrastructure.
The approach tracks what Strategy has done with bitcoin, and lines up with steps taken by ether-focused peers like SharpLink and Bit Digital. Reuters previously noted that some firms have favored ether for its staking yield—a feature bitcoin doesn’t have—even though ether misses out on bitcoin’s hard supply ceiling.
The setup unravels quickly if token values slide or if investor cash dries up. Back in February, Reuters flagged that shaky crypto treasury stocks tend to choke off capital raises—echoed later by JonesTrading’s Michael O’Rourke, who pointed out that plenty of these companies end up “trading at a discount to the digital asset” they hold. Bitmine, for its part, has cautioned that its performance hinges on both access to treasury funding and the prices of bitcoin and ether. Reuters
Ether cleared the $2,005 level that Bitmine referenced in its recent snapshot, yet BMNR shares ended Thursday below Wednesday’s close. The company’s books are now heavily weighted toward ether, right as investors start to scrutinize crypto treasury stocks more closely.
