Bitmine (BMNR) Stock: Falls as 5.28M ETH Treasury Draws Focus

TLDR

• BMNR Drops 4.10% as Bitmine’s 5.28M ETH Treasury Draws Fresh Market Focus
• Bitmine’s 5.28M ETH Holdings Stand Out After BMNR’s Latest NYSE Uplisting Move
• BMNR Slips as Bitmine Nears Its 5% Ethereum Supply Goal With 5.28M ETH Held
• Bitmine Staked ETH Tops 4.7M as BMNR Pulls Back After Early Rally Fades Fast
• BMNR Faces Selling Pressure Despite Bitmine’s Reported $12.6B Crypto Holdings

Bitmine (BMNR) stock fell on Monday as its large Ethereum treasury remained central to market attention. The stock traded at $19.06, down $0.82, after an early rally faded. Meanwhile, the company reported $12.6 billion in crypto, cash, and moonshot holdings.BMNR dropped 4.10% after morning gains failed near the $19.07 area

Bitmine Immersion Technologies, Inc., BMNR

BMNR Stock Pulls Back After NYSE Uplisting

The move showed fresh selling pressure after the stock’s early advance lost strength. Trading activity remained high compared with most U.S.-listed equities. Bitmine moved its common stock to the New York Stock Exchange on April 9, 2026. The company previously traded on NYSE American before completing the uplisting. Moreover, the stock continues to trade under the BMNR ticker.

Bitmine ranked as the 133rd most traded U.S. stock by five-day average dollar volume. The company reported average daily dollar volume of $857 million as of May 15. That placed BMNR between Applied Digital and Capital One in market activity rankings.

Ethereum Holdings Reach 5.28 Million Tokens

Bitmine reported 5,278,462 ETH as of May 17, 2026. The company valued the ETH position at $2,191 per token. Therefore, Ethereum remains the central asset in Bitmine’s long-term treasury strategy.

The company said its ETH holdings equal 4.37% of Ethereum’s 120.7 million coin supply. Bitmine has moved 87% toward its stated “Alchemy of 5%” target. In addition, the company added 71,672 ETH during the past week.

Bitmine also holds 202 Bitcoin and $685 million in total cash. Its moonshot holdings include a $200 million stake in Beast Industries. Besides, it owns $83 million in Eightco, which trades on Nasdaq under ORBS.

MAVAN Staking Adds Treasury Yield Context

Bitmine reported 4,712,917 staked ETH as of May 17. The staked assets represented about $10.3 billion at the stated ETH price. Consequently, more than 89% of Bitmine’s ETH treasury now supports staking activity.

The company uses MAVAN, its Made in America Validator Network, for Ethereum staking operations. MAVAN focuses on security, performance, and resilience for large-scale staking needs. It also targets institutions, custodians, and Ethereum ecosystem partners.

Bitmine said annualized staking revenue now stands near $289 million. The company also projected $324 million in annual rewards at a 2.80% seven-day yield. Meanwhile, Ethereum’s role in tokenization and agentic AI infrastructure remains part of Bitmine’s broader thesis.

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