NEW YORK, March 5, 2026, 08:29 (EST)
- BMNR jumped 7.9% on Wednesday and was slightly lower in premarket trade on Thursday
- Bitmine says it holds 4.47 million ether and $868 million in cash, with more than 3.0 million ether staked
- Chairman Tom Lee said he was “not worried” about ethereum and expects a March rebound
Shares of Bitmine Immersion Technologies, Inc. jumped nearly 8% on Wednesday and were a touch lower before the bell on Thursday, extending a volatile run for the crypto-linked stock. The NYSE American-listed shares closed at $21.12, up 7.92%, and were off 0.14% at $21.09 in premarket trade, Investing.com data showed. 1
The swing matters because Bitmine has become a high-beta proxy for ether, the token that powers the Ethereum network. A growing set of listed firms are pitching themselves as “treasury” vehicles, holding large piles of crypto on the balance sheet and letting equity investors ride the coin’s moves, for better or worse.
Ether was last up about 3% at around $2,113, after a choppy stretch that has pushed traders back toward liquid ways to play crypto direction. Bitmine’s pitch is not just exposure to the token, but the extra income it can generate through staking — locking up coins to help validate transactions in exchange for rewards.
In a March 2 regulatory filing, the company said that as of March 1 at 2 p.m. ET it held 4,473,587 ether, valued at $1,976 per token in its update, along with 195 bitcoin and $868 million of cash. Bitmine also listed a $200 million stake in Beast Industries and a $14 million stake in Eightco Holdings as part of what it called “moonshots,” and said its ether stack represented 3.71% of the circulating supply. 2
Chairman Thomas “Tom” Lee said the firm bought 50,928 ether in the prior week and that it had 3,040,483 ether staked. “Bitmine has been buying Ethereum, as we view this pullback as attractive,” Lee said, adding that the company expects staking rewards of about $253 million annually “at scale.” 3
Bitmine said those holdings make it the world’s largest corporate ether treasury and the No. 2 global crypto treasury behind Strategy, the bitcoin-focused buyer formerly known as MicroStrategy. Strategy has amassed 717,722 bitcoin, Bitmine said.
Lee has tried to keep the tone upbeat even as crypto prices and crypto-linked equities whip around. He said he was “not worried” about ethereum and expects the broader crypto market to rebound in March, Seeking Alpha reported. 4
The stock’s range has been brutal. BMNR hit an intraday high of $21.51 on Wednesday after closing Tuesday at $19.57, and it remains about 87% below a 52-week high of $161, GuruFocus data showed. 5
But the leverage cuts both ways. A renewed slide in ether would shrink the paper value of Bitmine’s holdings and can squeeze the economics of staking, where reward rates and demand can move quickly. The company is also betting on execution — building out its own validator network and keeping a large, staked position secure.
Bitmine started as a bitcoin miner using immersion cooling, a technique that submerges computers in a specialized liquid to carry away heat more efficiently than air cooling, according to Reuters company information. The firm’s business also includes equipment sales and hosting, while its investor story has shifted toward the size of its ether treasury. 6
