New York, Feb 3, 2026, 15:41 EST — The regular session is currently in progress.
- BitMine shares dropped about 3% in afternoon trading, with ether slipping close to 1%.
- As of Feb. 1, the company disclosed it holds about 4.29 million ether, plus $10.7 billion in crypto, cash, and other investments.
- Investors are keeping a close eye on the pace of ETH purchases and staking activity, as a validator-network launch looms in Q1 2026.
Shares of BitMine Immersion Technologies fell 3.1%, closing in on $22.09 after hitting a high of $23.31 earlier in the session and dipping as low as $21.05.
This change marks a notable turn for BMNR, which now acts more like a balance-sheet bet on ether — the token that powers the Ethereum network — with its daily moves mirroring crypto prices rather than earnings. Ether fell 1.0% to $2,293, while bitcoin slid 2.2% to about $76,368.
Monday’s filing with the U.S. Securities and Exchange Commission showed the company had released a statement updating investors on its crypto holdings.
BitMine said it held $10.7 billion in crypto and cash as of Feb. 1. That figure includes 4,285,125 ETH, valued at Coinbase prices, along with 193 bitcoin and $586 million in cash. The firm also flagged a $200 million stake in Beast Industries and $20 million in Eightco Holdings, calling these equity investments “moonshots.” (PR Newswire)
Tom Lee, executive chairman of BitMine, pointed out that ether had “dropped sharply” in the past month, falling from about $3,000 to near $2,300 even as on-chain activity picked up. He blamed the drop on “non-fundamental factors,” citing low leverage in crypto markets and a stronger demand for precious metals as main drivers behind the price pressure.
Trade data tracked by Cathie’s Ark showed ARK Invest, under Cathie Wood’s leadership, bought about $6.4 million of BMNR on Monday. (Cathie’s Ark)
BitMine revealed it bought 41,788 ETH in the last week and currently stakes about 2.9 million ETH. Staking means locking tokens to help validate blockchain transactions in exchange for rewards. The company also confirmed its “Made in America VAlidator Network,” or MAVAN, is still set to launch in the first quarter of 2026.
The stock fell 9.2% on Monday and has now dropped about 12% over the last two sessions, even after the company released its latest holdings update. (Investing.com)
That said, the risk cuts both ways. If ether keeps falling or staking yields slip, BitMine’s treasury value and ability to back the strategy could suffer, pushing BMNR’s volatility sharply upward.
Traders are focusing on ether’s next price shift, eager for BitMine to release more details — especially a firmer timeline — about MAVAN’s launch scheduled for the first quarter.
