NEW YORK, March 19, 2026, 10:02 EDT
Bitmine Immersion Technologies dropped roughly 3% early Thursday in New York, tracking weakness in ethereum’s ether, which hovered near $2,139.93. Traders scaled back exposure to crypto stocks. BMNR was recently at $20.74.
Bitmine stands out on this front: by its own numbers, the company now ranks among public firms offering a more focused play on ether. Its most recent treasury report puts holdings at 4,595,562 ETH, plus $1.2 billion parked in cash and various investments. Altogether, Bitmine disclosed $11.5 billion as of March 15.
Bitmine included a Hong Kong investor presentation from Executive Chairman Tom Lee in a March 17 filing. That same filing put the company’s staked ETH at 3,040,515, with the position generating roughly $180 million in annualized staking revenue, according to the update. The ETH is locked, supporting transaction validation and rewards.
Wall Street’s softer mood weighed further. “Oil prices are now driving” both stocks and Fed bets, wrote Dennis Follmer of Montis Financial. Shares of Strategy, Coinbase, and Hut 8 slipped as well in morning deals. Reuters
Bitmine has “slightly increased” its ether purchases, according to Lee’s treasury update, with ETH now seen as approaching the close of its “mini-crypto winter.” Over the past week, the company picked up 60,999 ether, pushing its total holdings to 3.81% of ETH’s entire supply. Chainwire
Ether slipped under the $2,185 level cited by Bitmine in its March 15 disclosure. The company holds ether—rather than bitcoin—as its main treasury reserve, so the stock tends to move in step with the token’s daily swings.
But the trade is a two-way street. Citi’s Alex Saunders flagged in a note this week that ETH’s reaction hinges on user activity, calling it “especially sensitive” to those metrics. The bank slashed its 12-month ether forecast to $3,175 from $4,304, citing stalled U.S. crypto legislation. If Citi’s recession scenario plays out, ether could drop to $1,198. Reuters
Bitmine has cautioned that its future hinges on two things: securing enough financing, and where bitcoin and ethereum prices go next. The bulk of its assets are in tokens or token-pegged wagers, so if ether slides again, BMNR sentiment could sour fast.
Bitmine is listed on NYSE American, according to a March 17 filing. The stock swung between $20.46 and $21.47 on Thursday.
