NEW YORK, March 5, 2026, 08:29 (EST)
- BMNR surged 7.9% Wednesday, then edged down a bit in Thursday’s premarket action.
- Bitmine holds 4.47 million ether and $868 million in cash. Out of its ether holdings, over 3.0 million are staked.
- Chairman Tom Lee said he’s “not worried” about ethereum, adding he expects a rebound in March.
Bitmine Immersion Technologies, Inc. shares surged 7.92% to finish Wednesday at $21.12, according to Investing.com. The crypto-linked stock then ticked down 0.14% to $21.09 ahead of Thursday’s open, as the NYSE American ticker kept up its recent swings.
The shift is significant: Bitmine now trades like a high-beta play on ether, Ethereum’s native token. More public companies are positioning as “treasury” proxies, parking sizable crypto reserves on their books and giving stockholders direct exposure—up or down—to the underlying coins.
Ether climbed roughly 3% to trade near $2,113, rebounding after a turbulent period that’s seen traders seek out more liquid crypto bets. Bitmine isn’t just touting access to the token; the firm also points to potential earnings from staking, where holders lock up coins to validate transactions and collect rewards.
The company disclosed in a March 2 filing that, as of 2 p.m. ET on March 1, it was holding 4,473,587 ether, each valued at $1,976 in the latest update. The balance sheet also showed 195 bitcoin and $868 million in cash. Bitmine reported a $200 million position in Beast Industries and a $14 million holding in Eightco Holdings under its “moonshots” category. It said its ether position made up 3.71% of all ether in circulation. SEC
Chairman Thomas “Tom” Lee said Bitmine picked up 50,928 ether over the past week, bringing its staked total to 3,040,483 ether. “Bitmine has been buying Ethereum, as we view this pullback as attractive,” Lee said. The company is targeting around $253 million in annual staking rewards “at scale.” PR Newswire
Bitmine claims its stash puts it ahead of every other company in ether holdings worldwide, trailing only Strategy—previously MicroStrategy—for overall crypto reserves. According to Bitmine, Strategy sits on 717,722 bitcoin.
Despite the volatility hitting both crypto assets and related stocks, Lee has maintained an optimistic stance. “Not worried” about ethereum, he told Seeking Alpha, adding he sees a recovery for the wider crypto market coming in March. Seeking Alpha
Wild swings for BMNR. The stock surged to $21.51 during Wednesday’s session, up from Tuesday’s $19.57 close. Still, it’s languishing—down roughly 87% from its 52-week peak at $161, according to GuruFocus.
But leverage isn’t a one-way street. If ether drops again, Bitmine’s paper assets take a hit, and staking economics could tighten fast, with rewards and demand shifting sharply. On top of that, the firm’s pushing ahead with its own validator network — a big execution risk — and needs to keep its large staked holdings safe.
Bitmine originally launched as a bitcoin miner, tapping immersion cooling—think submerging hardware in a special liquid instead of relying on air—to draw off heat, Reuters company data shows. Today, the company sells mining gear and offers hosting. Lately, the narrative for investors has zeroed in on the company’s ether reserves.
