Bitmine Immersion (BMNR) Stock Slides Premarket on Massive Ether Losses

Bitmine Immersion Technologies, Inc. (BMNR) shares tumbled in premarket trading on Monday, February 2, 2026, as the blockchain technology company faces over $6 billion in unrealized losses on its aggressive Ethereum holdings. The stock dropped to $22.21, down $2.90 or 11.53% in premarket trading as of 6:21 AM EST, following a regular session close of $25.10 on January 30.

The decline highlights the significant risks facing companies pursuing crypto balance-sheet strategies amid volatile market conditions and widespread liquidations across digital assets.

Ether Price Drop Triggers Massive Unrealized Losses

BitMine Immersion’s aggressive Ethereum accumulation strategy has turned sharply against the company following the latest cryptocurrency market downturn.

After acquiring an additional 40,302 Ether last week, bringing total holdings to more than 4.24 million ETH, the company’s unrealized losses have ballooned to over $6 billion according to data from Dropstab, a platform tracking digital asset prices and portfolio valuations.

The timing of these purchases, coming just ahead of a sharp market slide, has renewed scrutiny of the firm’s balance-sheet strategy.

Based on current market prices, BitMine’s Ether holdings are valued at approximately $9.6 billion, down from a peak of about $13.9 billion in October. Ether slid toward the $2,200 level on Monday as selling accelerated across major tokens, with the cryptocurrency falling by just over a quarter in the past five days alone.

The company’s total invested amount stands at $15.65 billion, representing unrealized losses of approximately $5.9 billion according to recent tracking data.

While BitMine has approximately 2,009,267 ETH staked (valued at $5.7 billion at $2,839 per ETH as of January 25), generating estimated annual staking revenue of around $164 million, this income stream does little to offset the magnitude of losses during rapid price drawdowns.

Company chairman Tom Lee has adopted a more cautious near-term outlook, warning that the market is still deleveraging and conditions could remain challenging into early 2026, even while maintaining a constructive longer-term view.

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BMNR Stock Volatility Intensifies as Losses Deepen

Bitmine Immersion Technologies stock has experienced significant volatility in recent sessions. The premarket price of $22.21 as of 6:21 AM EST on February 2 represents an 11.53% decline from the previous close of $25.10, which itself was down $1.59 or 5.97% from the prior session’s close of $26.69. The stock has traded in a wide 52-week range between $3.92 and $161.00, reflecting the extreme volatility characteristic of crypto-exposed equities.

The company currently holds a market capitalization of approximately $11.4 billion to $12.1 billion, with an extraordinarily high price-to-sales ratio of 391.34, reflecting minimal revenue of just $7.19 million trailing twelve months against its crypto treasury value.

BitMine reported a net loss of $4.87 billion and diluted earnings per share of -$0.87 for the trailing twelve months, with Q1 FY26 showing revenue of $2.29 million against earnings of -$63.04 million.

Recent analyst coverage includes B. Riley Securities maintaining a Buy rating while lowering the price target from $90 to $47 on November 20, 2025. The average analyst price target stands at $43.00, significantly above the current trading price, with a high target of $47.00.

Trading volume has been elevated at over 45 million shares, near the average volume of 45.7 million shares, as investors react to the mounting losses and challenging market conditions for corporate crypto treasuries.

Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.