BitMine Immersion’s Ether Holdings Top $6.6B, Stock Slides 7% Alongside ETH’s Tumble

BitMine Immersion Technologies (BMNR), the listed firm with a digital asset treasury strategy focusing on Ethereum and led by Fundstrat’s Tom Lee, said in a Monday SEC filing that its holdings surpassed 1.5 million ether (ETH) worth roughly $6.6 billion.

With the latest purchases, it has become the second largest public corporate crypto owner, topping miner MARA Holdings (MARA) and trailing only the original treasury play Strategy (MSTR), which owns $72 billion in bitcoin (BTC), per Bitcointreasuries.net. Strategy or MARA, of course, are holders of bitcoin, while BMNR is an ETH treasury play.

BMNR was 7% lower Monday to $54 alongside a continuing pullback in ETH, which fell below $4,300, down 5% over the past 24 hours. It was less than one week ago when ether nearly touched $4,800 and was within a few dollars of a record high.

Other digital asset treasury companies also traded lower, extending their Friday plunge. ETH-focused SharpLink Gaming (SBET) was down 3%, while Solana-centric firms DeFi Development (DFDV) and Upexi (UPXI) were 9% and 6% lower, respectively.