BitMine Immersion Technologies’ Ethereum Treasury Push Sends Stock Tumbling

BitMine Immersion Technologies (NYSE: BMNR) announced a $73 million purchase of 42,197 ETH, raising its total holdings to about 5.8 million ETH – roughly 4.8 % of the token’s circulating supply. The company’s July chairman’s message framed Ethereum as a remedy for the “Uncanny Valley of Wealth” and reiterated its goal of holding 5 % of ETH by 2026.

Despite the expanded treasury, the market reacted negatively. The shares closed at $15.69, well below the 52‑week high of $71.74, and fell an additional 5.9 % in pre‑market trading. BitMine’s broader balance sheet shows $11.3 billion in crypto and cash assets, with $482 million in cash and marketable securities.

The firm plans to generate returns through its in‑house staking platform, MAVAN, which already stakes about 85 % of its ETH holdings and is projected to earn roughly $284 million in annual rewards at full scale. The company now intends to shift capital from further ETH purchases to staking, infrastructure and fintech investments, while investors remain cautious about the long‑term viability of its treasury model.