BitMine Stock Plummets 7.1% Amid Treasury Value Discount

BitMine's stock price plummeted 7.1% on Friday, closing at $23.80 after trading 132% higher than its 65-day average. This decline comes as a result of the company's treasury value being undervalued by approximately 3.5%, totaling $14.9 billion.

The majority of BitMine's value lies in its Ether holdings, with 5.85 million tokens priced at $2,440 each, representing around 95.8% of its disclosed total assets. The company also holds cash and marketable securities worth $308 million, as well as investments in Beast Industries and Eightco.

Staking generates revenue for BitMine, with executives forecasting $330 million in annualized staking income, amounting to 2.2% of reported assets. However, the company's core business remains relatively minor compared to its treasury holdings.

The discount on BitMine's stock price is a sign of weaker demand for crypto treasuries, with over $80 billion wiped from the market value of leading bitcoin treasury firms since mid-2025.