Shares of BitMine Immersion Technologies, Inc. (NASDAQ:BMNR) are falling Monday due to a slump in the value of Ethereum (CRYPTO: ETH).
BitMine Treasuries Affected By Broader Market
Over the weekend, crypto markets got hit as liquidations of leveraged positions spiked and large holders trimmed positions amid broader macroeconomic concerns. Ethereum is down more than 18% over the past week.
Bitmine said on Monday the company’s crypto holdings are comprised of 4,285,125 ETH, 193 BTC, a $200 million stake in Beast Industries, a $20 million stake in Eightco Holdings and total cash of $586 million. The company now owns 3.55% of the ETH token supply, with a stated goal of reaching 5%.
Overall, the company’s cryptocurrency, total cash holdings and moonshots total $10.7 billion.
“ETH prices have dropped sharply in the past month from ~$3,000 to ~$2,300. This occurred while Ethereum daily transactions hit an all-time high (ATH) of 2.5mm and active addresses soared in 2026 to an ATH to 1 million daily,” said Tom Lee, executive chairman of Bitmine.
“Thus, non-fundamental factors are arguably more the factors explaining the weakness in ETH prices. Foremost, in our view, is that leverage has not returned yet to crypto as the October 10th ripple effects continue. The second factor is the surge in precious metals prices, which have acted as a ‘vortex’ sucking away risk appetite from crypto.”
Shares Drop Below Key Levels
BMNR Price Action: BitMine shares are trading down 7.05% at $23.33 at the time of publication on Monday, according to Benzinga Pro.
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