BitMine Immersion Plunges 13.64% on Ethereum Staking Skepticism

On July 29, 2025, BitMine Immersion experienced a significant drop of 13.64% in pre-market trading, marking a notable decline in its stock performance.

BitMine Immersion Technologies faced a substantial stock decline on Monday, despite optimistic messaging from Tom Lee of FundStrat. The company's plan to become a major holder and staker of Ethereum failed to reassure investors, leading to a sharp drop in stock value. The decline came after shares had already fallen over 10% during regular trading hours to $35, followed by an additional 15% drop in after-hours trading.

Investors expressed skepticism about BitMine's ambitious plan to hold 5% of Ethereum's total supply and establish a "made in America validator network." Despite BitMine already possessing 600,000 ETH, valued at over $2 billion, the market remained unconvinced. The implied valuation of Ether reaching $60,000, as suggested by unnamed research firms, did little to stabilize the stock.

Analysts noted that BitMine's stock had surged over 3,000% earlier this month, reaching a yearly high of $135 on July 3. However, this rally was short-lived as traders began taking profits once the details of the Ether-buying strategy were fully disclosed. The lack of clear timelines and audit partners in Lee's "chairman's message" further fueled investor concerns.

Kronos Research highlighted the risks associated with treasury rollouts of this scale, emphasizing the need for a solid plan to protect capital and maintain liquidity. Without clear steps for custody and staking infrastructure, holding large amounts of Ether could lead to significant value fluctuations, which spooked some investors.