Bitmine Stock Slumps as Ethereum Price Plunges

Bitmine Immersion Technologies Inc. (NYSE:BMNR) stock price declined on Tuesday, following the broader market weakness and Ethereum's 1.5% drop to $2,476.81 over the past 24 hours.

The company operates as an Ethereum treasury company, making its stock sensitive to moves in the cryptocurrency. Bitmine's Ethereum holdings reached 5.96 million tokens, valued at $2,513 each, bringing its total crypto, cash, marketable securities, and other investments to $15.8 billion.

Bitmine now owns about 4.9% of Ethereum's total supply of 122 million tokens, putting the company close to its stated goal of owning 5%. Chairman Thomas 'Tom' Lee said that the company has purchased Ethereum every week since launching its Ethereum treasury strategy on June 30, 2025.

The staking portfolio topped 5 million ETH, with 5,067,309 tokens staked as of September 7. This represents about 85% of its holdings, valued at roughly $12.7 billion. The company projects annualized staking revenue of $334 million and an annualized seven-day yield of 2.62%. Bitmine's Made in America Validator Network (MAVAN) supports the company's treasury and also serves institutional investors, custodians, and other partners.