Shares of BitMine Immersion Technologies, Inc. (NASDAQ:BMNR) are trading lower Monday. Here’s why the Ethereum (CRYPTO: ETH)-focused stock is trending.
- BitMine Immersion stock is sliding. What’s weighing on BMNR shares?
What To Know: Ethereum treasury company BitMine is facing selling pressure Monday amid a sell-off in the cryptocurrency market. Ethereum was last down about 2.5% over a 24-hour period, trading at approximately $3,005, according to Benzinga Pro.
The company provided an update on its holdings Monday morning. BitMine said it now owns 3.97 million ETH tokens, which is more than 3.2% of the global ETH token supply, after adding 102,259 ETH over the past week.
Including cash reserves of $1 billion, “moonshot” holdings and other cryptocurrency, the company’s holdings now total $13.3 billion.
BitMine has a goal of owning 5% of the global ETH supply. The company has the largest Ethereum treasury and the second largest crypto treasury behind Strategy.
“Crypto prices have stabilized in the past week, further evidence that crypto prices have begun to recover after the price shock of October 10th,” said Fundstrat’s Tom Lee, chairman of BitMine.
“2025 saw many positive developments in digital assets including positive legislation passed by the US Congress and favorable regulations, and by strengthening support from Wall Street. These strengthen our conviction that the best days for crypto are ahead and why we continue to accumulate ETH towards our ‘alchemy of 5%’ target.”
BitMine’s stock has been volatile recently amid sharp swings in the broader crypto space. The stock is trading within a 52-week range of $3.92 to $161. Analysts have the stock at a consensus buy rating with an average price target of $47, per Benzinga data.
BitMine will hold its annual shareholders meeting at the Wynn Las Vegas on Jan. 15, 2026.
BMNR Price Action: BitMine shares were down 6.20%, trading at $32.66 at the time of publication, according to Benzinga Pro.
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