Overview
- BitMine Immersion Technologies fell sharply as crypto prices dropped, including a Thursday slide with shares down 7.16% to $27.10 when Bitcoin slipped below $88,000 and Ethereum fell more than 6%.
- On Wednesday the stock was down 8.71% to $29.44 as Bitcoin broke below $90,000, underscoring the tight correlation between BMNR and digital assets.
- BitMine is the largest corporate holder of Ethereum with more than 3.55 million ETH, or about 2.9% of supply, and recently disclosed $11.8 billion in crypto and cash.
- Following a strategic pivot under Chairman Tom Lee, the company named Chi Tsang CEO and added three independent directors, and it continues to target owning 5% of the Ethereum network.
- Investors are watching the company’s fourth-quarter and full-year report before Friday’s open, as B. Riley maintains a $90 price target and Forbes notes roughly a 50% one-month stock decline tied to concentrated crypto exposure.