BitMine Immersion Shifts to Ethereum, Acquires $73 Million in ETH

BitMine Immersion Technologies (ticker BMNR), a New York‑stocked crypto miner previously focused on Bitcoin, announced a strategic pivot to Ethereum. On July 16 the company filed with the SEC that it bought 42,197 ETH at roughly $1,730 each, a $73 million outlay that raised its total Ethereum holding to about 5.78 million ETH—around 4.8 % of the circulating supply.

The firm says most of the ETH is staked through its MAVAN validator platform, generating an estimated $247 million of annualized staking revenue. BMNR reported Q3 2026 earnings of $46.5 million, primarily from staking, but missed analyst forecasts, and its share price has fallen 89 % from its all‑time high, dropping 51 % in the first half of 2026. Investors view the heavy exposure to a bearish ETH market as a leveraged proxy risk, prompting analysts to cut price targets. The move reflects a broader trend of corporate crypto treasuries seeking yield from proof‑of‑stake assets.