Bitmine (BMNR) Tumbles 6.9% on Profit-Taking

We recently published 10 Stocks Hammered Harder than Wall Street. Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) is one of the worst performers on Tuesday.

Bitmine Immersion dropped its share prices by 6.91 percent on Tuesday to close at $52.92 apiece as investors resorted to profit-taking to take advantage of the previous day’s gains, buoyed by another round of acquisition of Ethereum tokens.

In a statement, Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) said it acquired over the past few days a total of 202,037 ETH tokens.

“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of. We acquired 202,037 ETH tokens over the past few days, pushing our ETH holdings to over 3 million, or 2.5 percent of the supply of ETH,” said Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) Chairman Thomas Lee.

“We are now more than halfway towards our initial pursuit of the ‘alchemy of 5 percent’ of ETH,” he added.

Apart from Ethereum, Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) also holds 192 Bitcoins, $135 million stake in Eightco Holdings, and unencumbered cash amounting to $104 million.

Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) remains the largest Ethereum token holder, and the second largest cryptocurrency treasury holder next to Strategy Inc.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.