Key Insights:
- Tom Lee added 41.788K ETH to the treasury but failed to move the price of Bitmine stock. BMNR price slid 6.83% on Tuesday.
- The company said its total holdings stood at $10.7 billion as of February 2.
- Ethereum made up a major share of that total. The company reported 4,285,125 ETH and valued them at $2,317 each using Coinbase pricing.
Bitmine stock slid 6.83% on Tuesday to reach $23.21. The drop came even as the company shared fresh updates on its crypto strategy. Earlier in the day, BitMine said it had added more Ethereum (ETH) to its treasury. It reported buying an additional 41,788 ETH last week.
Chairman Tom Lee said the move followed stronger signals from the network, even as prices slid. He framed it as a bet on improving fundamentals, not short-term charts.
The company also pointed to a clean balance sheet with zero debt. It added that staking gains were more consistent, as it put more of its holdings to work across its United States-listed business.
BitMine Stock Plunges Even as ETH Stockpile Grows to 4.285M
Bitmine stock fell about 6.83% on Tuesday, sliding to $23.21. The drop came after the company disclosed a massive $10.7 billion crypto treasury. However, the timing was rough. As Ethereum (ETH) price sank, the selloff highlighted the downside of the company’s aggressive exposure to the second-largest cryptocurrency.
BMNR stock’s longer slide tells the same story. It is now down roughly 83% from its $161 peak, showing how fast sentiment can flip when crypto markets get ugly.
BitMine said in a recent press release that its total holdings stood at $10.7 billion as of February 2. That total includes its crypto, its other investments, and its cash on hand. Ethereum made up a major share of that total. The company reported 4,285,125 ETH and valued them at $2,317 each using Coinbase pricing.
Even after the latest buy, Tom Lee’s firm is still sitting on a massive paper loss on its Ethereum position. It put the unrealized hit at more than $6 billion. The company also listed other holdings on its books. It reported 193 Bitcoin, plus equity stakes in Beast Industries and Eightco Holdings.
At the same time, it said its cash balance stood at $586 million. That cash, it added, is earning money market yields in the 3.5% to 3.9% range. BitMine also said it carries no debt, which eases short-term liquidity stress.
Because of that, Tom Lee said the company can keep adding to its position without being pushed into selling Ethereum at today’s prices.
BMNR Stock Sits Near the Top of the U.S. Market at No. 105
BMNR Stock was placed 105th out of 5,704 United States-listed equities, sitting near Schlumberger and Humana on the list.
Even with heavy trading, the crypto-linked name stayed under pressure. Google Finance data showed the price of the shares was down. Meanwhile, Fundstrat reported average daily dollar volume of about $1.1 billion over the five days ending January 30.
On CNBC, Tom Lee said crypto prices fell more than many expected once leverage started leaving the market in October. He also said strong moves in gold and silver pulled investor appetite away from risk early in the year.
Still, Tom Lee said the Ethereum network kept getting busier even as prices struggled. He pointed to daily transactions climbing to around 2.5 million, with active addresses nearing one million in 2026.
He said that stood out because earlier selloffs usually came with weaker usage. This time, he argued, the activity held up instead of fading.
On top of that, Lee said his team’s internal work showed prices and timing starting to line up for a possible market bottom. He based that view on recent trading patterns and how the market has behaved through the latest pullback.