BitMine Immersion Technologies, Inc. (BMNR) is getting caught in the undertow of Monday's cryptocurrency market selloff, with shares sliding as Ethereum (ETH) faces renewed selling pressure.
What's Driving The Decline?
The Ethereum treasury company is feeling the heat as crypto markets pull back. Ethereum was trading at approximately $3,005, down about 2.5% over a 24-hour period, according to market data.
Here's the interesting part: BitMine actually just bulked up its holdings. The company provided an update Monday morning showing it now owns 3.97 million ETH tokens—more than 3.2% of the entire global ETH token supply—after scooping up 102,259 ETH over the past week.
When you factor in the company's $1 billion in cash reserves, "moonshot" holdings, and other cryptocurrency assets, BitMine's total holdings have reached $13.3 billion. That's a substantial treasury by any measure.
The Bigger Picture
BitMine isn't just accumulating for fun. The company has set an ambitious target of owning 5% of the global ETH supply. It already claims the largest Ethereum treasury in the world and the second largest crypto treasury overall, trailing only Strategy.
Tom Lee, Fundstrat chairman and BitMine's chairman, remains bullish on the outlook. "Crypto prices have stabilized in the past week, further evidence that crypto prices have begun to recover after the price shock of October 10th," Lee said.
He pointed to positive developments in 2025, including favorable legislation from Congress, supportive regulations, and growing institutional backing from Wall Street. "These strengthen our conviction that the best days for crypto are ahead and why we continue to accumulate ETH towards our 'alchemy of 5%' target," Lee added.
The Volatility Factor
BitMine's stock has been on a wild ride lately, mirroring the broader crypto market's sharp swings. The stock is currently trading within a 52-week range of $3.92 to $161—a range that tells you pretty much everything you need to know about the volatility here.
Despite the recent pullback, analysts remain optimistic with a consensus buy rating and an average price target of $47, suggesting potential upside from current levels.
The company is scheduled to hold its annual shareholders meeting at the Wynn Las Vegas on Jan. 15, 2026.
Price Action: BitMine shares were down 6.20%, trading at $32.66 at the time of publication.