- BitMine Immersion Technologies holds 3% of ether’s circulating supply but its stock has fallen sharply.
- The company’s share price dropped 81% in under five months despite the cryptocurrency rally.
- BitMine owns approximately 3.6 million ETH out of around 120.7 million in circulation.
- Its performance aligns with similar digital asset treasury firms that have lost significant market value.
- BitMine’s treasury suffered losses due to poorly timed purchases and the general crypto market decline.
BitMine Immersion Technologies has acquired a substantial portion of ether (ETH), the second-largest cryptocurrency, yet its stock has sharply declined. The technology firm now holds about 3% of the total ETH in circulation. Despite this, its share value has fallen steeply since mid-2025.
The company currently possesses 3,629,701 ETH out of an approximate 120,695,639 ETH in circulation. Over the past five months, its stock price has dropped 81%, a significant loss compared to the cryptocurrency itself, which rose about 10% during the same period.
Several other publicly traded digital asset treasury companies, including Michael Saylor’s Strategy (formerly MicroStrategy), have also seen major losses in their market value. For example, Strategy’s stock declined 56%, which was 1.6 times worse than Bitcoin’s 21% drop during the same timeframe. BitMine’s decline is notably more severe than this.
The business model behind these companies involves using public equity to finance large cryptocurrency holdings. However, this strategy has generally resulted in shareholder losses in 2025 due to falling crypto prices and challenging market conditions. Many digital asset treasury firms reported share price declines by more than half, with some dropping as much as 98%.
BitMine’s challenges increased after hiring Tom Lee as Chairman in June. Lee is a well-known crypto enthusiast who has made optimistic but often inaccurate predictions for bitcoin and ether. The company shifted from a bitcoin-focused mining operation to accumulating ether using financial leverage. Despite initial optimism that pushed shares to $161, the stock value deteriorated quickly.
Moreover, BitMine has not benefited from the modest ether price recovery since June, largely because of poorly timed asset acquisitions. These moves have reportedly caused the company to lose billions of dollars relative to its average purchase cost. Additional details are available in this report.
Overall, BitMine follows a trend seen among digital asset treasury firms, where efforts to use public capital to invest in cryptocurrencies have resulted in significant declines in shareholder value amid a challenging crypto market this year.
Read more: Bitcoin treasury Nakamoto down 98% — still pays David Bailey lavishly
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