BitMine's Ethereum Holdings Soar, But BMNR Stock Slows Down

BitMine Immersion Technologies has experienced an astonishing growth in its Ethereum holdings over the past year. From a modest 163K tokens in July 2025, BitMine's stash now stands at a staggering 5,929,198 ETH.

This near-vertical climb from under a million ETH in late 2025 to almost 6 million by September 2026 is nothing short of remarkable. When combined with the company's other crypto positions and 'moonshot' bets, BitMine's total treasury now boasts an enormous value of $15.7 billion.

However, it appears that BMNR stock has slowed down in recent times, despite the significant growth in its Ethereum holdings. The price of BMNR stock ran from around $18 in mid-August to a high near $27.50 by the end of August, but has since pulled back to $24.48.

BitMine's decision to simplify its staking deal with American Validator is also worth noting. This new contract strips down the revenue-sharing fee to 1.5% on staked ETH, which may seem insignificant at first glance but becomes more consequential as the staking pile grows.