New York, January 30, 2026, 15:38 (EST) — Regular session
- BMNR slipped further in Friday trading, deepening the steep drop seen the day before.
- A recent regulatory filing revealed that President Erik Nelson has been terminated, with a separation package valued at $605,000.
- Ether slid today, adding to the drag on crypto-related stocks.
BitMine Immersion Technologies Inc’s shares dropped 6.3%, closing at $25.02 on Friday afternoon. The stock fluctuated between $24.56 and $26.52, with volume exceeding 34 million shares.
BitMine has doubled down on an “Ethereum treasury” play, keeping crypto assets on its balance sheet — a move that ties its stock closely to ether’s price swings. On Jan. 26, the company disclosed it held 4,243,338 ether as of Jan. 25. Chairman Thomas “Tom” Lee noted that “Wall Street has embraced crypto and blockchain assets.” Ether slipped 3.8% that day, while bitcoin edged up slightly. 1
BitMine disclosed in a Jan. 28 Form 8-K filing with the U.S. Securities and Exchange Commission that it terminated President Erik Nelson without cause on Jan. 22. The company agreed to pay Nelson $605,000 in lump-sum payments. The filing clarified the dismissal wasn’t related to any operational disputes and didn’t identify a successor. BitMine’s common stock is traded on NYSE American. An 8-K is a rapid disclosure of material company events, and “without cause” typically indicates the executive was not dismissed for misconduct.
The stock fell 9.9% on Thursday, closing at $26.70, down from $29.63 on Wednesday. Nasdaq data showed trading volume hit roughly 58.4 million shares that day. 2
Shares of other U.S.-listed crypto companies also took a hit. Coinbase Global Inc dropped 3.2%, with miners Riot Platforms Inc and Marathon Digital Holdings, Inc. sliding 9.6% and 4.7%, respectively.
Risk appetite swung unevenly following U.S. Labor Department data revealing a 0.5% jump in producer prices for December—the largest monthly increase in five months—fueling renewed questions about the pace of rate cuts. 3
The trade goes both ways. Should ether stabilize, BMNR could rebound fast. But if the token keeps falling, the firm’s crypto-heavy balance sheet offers scant protection.
Traders are keeping an eye on updates regarding BitMine’s leadership roster. They’ll also watch to see if crypto prices settle as the session ends and through the weekend.
The bigger calendar risk is in Washington, where lawmakers must meet a midnight funding deadline. Missing it could spark a partial U.S. government shutdown and unsettle markets. 4
