NEW YORK, March 4, 2026, 14:22 EST
BitMine Immersion Technologies, Inc. reported holding 4,473,587 ether tokens as of March 1, with total crypto, cash, and small equity positions valued around $9.9 billion, according to a March 2 update. The Las Vegas-based company listed 195 bitcoin, $868 million in cash, plus minority interests in Beast Industries and Eightco Holdings among its assets.
This disclosure is significant: BitMine has effectively positioned itself as a high-volatility play on ether, Ethereum’s native token. Sharp swings in ETH often echo almost immediately in BMNR’s share price.
This is the trade-off: investors gain liquid equity tied to crypto price action, sidestepping direct token ownership. But they’re also exposed to company-level pitfalls — financing, execution, and governance headaches — risks absent from simply holding tokens in a wallet.
BMNR was trading up roughly 9.7% at $21.47 this afternoon. Ether climbed 9.9%, hitting $2,190.61. Bitcoin added 7.3% to trade at $73,856.
BitMine reported it had staked 3,040,483 ether, locking up the tokens to validate blockchain transactions and earn rewards. The company valued the stake at roughly $6.0 billion, based on a $1,976 price per ether. Annualized staking revenue: $172 million, according to BitMine.
Thomas “Tom” Lee, chairman, described the move as a calculated, long-term play on treasuries. “Bitmine continues to methodically execute our Ethereum treasury strategy as we move our way through the later stages of this ‘mini crypto winter,’” Lee said. The company snapped up 50,928 ETH over the past week, he noted. PR Newswire
Speaking elsewhere, as reported by Seeking Alpha, Lee said he was “not worried” about Ethereum and predicted crypto markets would recover in March. Seeking Alpha
BitMine is positioning itself among a rising group of publicly traded firms accumulating digital assets, drawing a line from its ether holdings to the big names stacking bitcoin. The company claims it’s now the world’s second-largest crypto treasury, trailing only Strategy Inc. (MSTR), which, by its count, holds 717,722 bitcoin—worth $47 billion.
Initially, the company mined bitcoin with immersion cooling, a process where computers are dunked in special oil to keep them cool. It’s also been involved in hosting operations and selling equipment.
The stock’s fortunes are locked to crypto prices and shifting staking economics. If ether plunges, BitMine’s treasury report takes a hit, and raising cash or keeping liquidity could get tougher if sentiment sours.
BitMine is seeing a surge in trading, Benzinga noted, as its shares have recently averaged around $800 million in daily dollar volume—enough to rank it among the 150 most actively traded U.S. stocks.
The company’s common stock, according to an SEC filing, is listed on NYSE American with the ticker BMNR.
