NEW YORK, March 27, 2026, 18:06 EDT
Bitmine Immersion Technologies shares dropped 5.4% to $18.39 on Friday, tracking a slide in ether, which slipped under $2,000 and overshadowed the MAVAN staking-platform debut earlier in the week. Thursday saw the stock tumble 8.3%.
This shift puts a spotlight on Bitmine’s exposure to ether. On March 22, the miner held 4,660,903 ETH—roughly 3.86% of total supply. With ether closing at $1,983.21 on Friday, that pile comes in around $414 million below the $2,072-a-coin valuation from Bitmine’s most recent holdings report.
Bitmine, in an 8-K filed March 25, said it’s officially rolled out MAVAN—its own institutional-grade Ethereum staking platform. Staking, where tokens are locked up to validate blockchain transactions and earn rewards, is at the core of the new offering.
Tom Lee, chairman of Bitmine, described MAVAN as “a critical step in our vision,” adding it’s set to become “the largest Ethereum staking platform in the world” soon after going live. According to the company, 3,142,643 ETH have been staked as of March 24, following the transfer of 101,776 ETH to MAVAN over the past week. Bitmine estimates annual staking rewards could reach $300 million if almost all its ether is shifted onto the platform, using its current yield metric. PR Newswire
Friday’s pullback wasn’t a one-off. Strategy shares slid 5.2%, and Sharplink tumbled 7.6%. The company bills itself as an Ethereum treasury platform—highlighting just how tightly crypto-related stocks are still reacting to shifts in the tokens themselves.
Bitmine faces an especially close connection here. In a March 23 update, it reported holding 196 bitcoin, ether, and $1.1 billion in cash, while also calling ETH its main treasury reserve asset.
The model isn’t a one-way bet. Bitmine flagged the risk that actual outcomes might veer off course if it can’t ramp up MAVAN, bring in big-ticket users, fund its treasury, or handle more volatility in bitcoin and ether.
Shares slipped to $18.29 during Friday’s session, hitting their lowest level in about a month—this just two days after Bitmine rolled out MAVAN. Investors are watching to see if staking revenues will finally help stabilize a business whose fortunes are still largely tied to ether’s price swings.
