New York, Feb 3, 2026, 15:41 EST — Regular session underway.
- BitMine shares fell roughly 3% in afternoon trading, while ether dipped around 1%.
- Company reported holding roughly 4.29 million ether alongside $10.7 billion in crypto, cash, and investments as of Feb. 1.
- Investors are closely tracking how quickly ETH is being bought and staked, alongside a validator-network launch scheduled for Q1 2026.
BitMine Immersion Technologies shares dropped 3.1% to $22.09 in afternoon trading, slipping from a session peak of $23.31 down to a low of $21.05.
This shift is significant as BMNR now behaves more like a balance-sheet play on ether — the token fueling the Ethereum network — with its daily fluctuations tracking crypto prices instead of earnings. Ether slipped 1.0% to $2,293, and bitcoin dropped 2.2% to roughly $76,368.
On Monday, a filing with the U.S. Securities and Exchange Commission revealed the company issued a press release to update investors on its crypto holdings.
BitMine reported holding $10.7 billion in crypto and cash as of Feb. 1. This included 4,285,125 ETH, valued at Coinbase prices, alongside 193 bitcoin and $586 million in cash. The company also revealed a $200 million stake in Beast Industries and $20 million in Eightco Holdings, referring to these equity investments as “moonshots.” (PR Newswire)
Tom Lee, executive chairman of BitMine, noted that ether had “dropped sharply” over the last month, sliding from roughly $3,000 to around $2,300 despite increased on-chain activity. He attributed the decline to “non-fundamental factors,” highlighting low leverage in crypto markets and a firmer appetite for precious metals as key pressures on prices.
Trade data monitored by Cathie’s Ark revealed that ARK Invest, led by Cathie Wood, purchased roughly $6.4 million worth of BMNR on Monday. (Cathie’s Ark)
BitMine reported purchasing 41,788 ETH over the past week and has staked roughly 2.9 million ETH. Staking involves locking tokens to validate blockchain transactions for rewards. The company confirmed its “Made in America VAlidator Network,” or MAVAN, remains on schedule for a launch in the first quarter of 2026.
The stock dropped 9.2% on Monday and has slid roughly 12% over the past two sessions, despite the company’s latest holdings update. (Investing)
However, the risk runs both ways. Should ether continue to decline or staking yields drop, BitMine’s treasury value and its capacity to support the strategy might take a hit, sending BMNR’s volatility sharply higher.
Traders are zeroing in on ether’s next price move and hoping BitMine will drop more specifics — including a clearer timeline — for MAVAN’s rollout in the first quarter.
