New York, January 7, 2026, 14:38 EST — Regular session
- BMNR fell about 5% in afternoon trade, reversing part of the week’s run-up
- Traders are bracing for fresh volatility into Friday’s weekly options expiry
- Focus turns to a Jan. 14 vote deadline on a proposal to expand authorized shares
BitMine Immersion Technologies’ shares fell 5.2% to $30.65 in afternoon trading on Wednesday, after swinging between $30.24 and $32.81 earlier in the session.
The drop matters now because BMNR has turned into a fast-moving proxy for crypto prices, especially ether, and it heads into a shareholder vote that could reshape the stock’s supply. Traders have been treating it less like a miner and more like a liquid, listed claim on a crypto treasury.
That vote is on a plan to lift authorized shares — the ceiling on how many shares a company can issue — to 50 billion from 500 million, ahead of the annual meeting in Las Vegas. The deadline for proxy voting is Jan. 14 at 11:59 p.m. ET, a filing showed. SEC
Ether was down about 2.4% and bitcoin slipped about 1.2% on the day. Crypto-linked stocks were mixed, with Coinbase and Marathon Digital lower, while bitcoin-treasury firm Strategy was higher.
On the chart, BMNR was hovering around a one-day pivot level near $30.66, while a bundle of daily indicators tracked by Investing.com leaned “strong sell.” Its 14-day RSI — a momentum gauge that can flag when selling pressure is building — stood at 42.9, with the site pegging nearby support around $30.21 and $29.94 and resistance near $30.92 and $31.38. Investing.com
Options pricing also points to wide lanes. On Investing.com’s option chain, last trades for the Jan. 9 $31 call and $31 put implied roughly $2 of premium for an at-the-money straddle — a common way traders infer how far the stock might swing into expiry. Investing.com
BitMine said on Monday it held 4,143,502 ether and 192 bitcoin, plus $915 million in cash, as of Jan. 4 at 9 p.m. ET, and that it bought 32,977 ether over the prior week. Chairman Tom Lee said the firm was “excited about the prospects for Ethereum in 2026,” citing what he called tailwinds such as stablecoins and tokenization. SEC
In its proxy materials, BitMine said shareholders will also vote on electing directors, an incentive plan and an advisory vote tied to compensation for the executive chairman. The company had about 425.8 million shares outstanding as of the record date, the proxy statement showed. SEC
The risk case is straightforward: a deeper pullback in ether could compress BMNR quickly, and the scale of the proposed authorization increase keeps dilution fears close to the surface. Even if the proposal passes, investors will be watching for any signs the company taps the market aggressively for fresh capital.
The next catalyst is the Jan. 14 voting deadline, followed by the Jan. 15 annual meeting in Las Vegas.
