BitMine Immersion Technologies Inc (NYSE:BMNR) shares are crashing on Monday as crypto-linked stocks decline after Bitcoin (CRYPTO: BTC) fell below $86,000, with Ethereum (CRYPTO: ETH) weakness weighing particularly heavily on the company as the largest ETH treasury holder globally.
What To Know: BitMine’s crypto holdings are heavily concentrated in Ethereum, making the stock especially sensitive to ETH price movements. As of Nov. 30, the company held 3,726,499 ETH tokens valued at $3,008 per ETH on Coinbase, representing more than 3% of the total ETH token supply and putting the company two-thirds of the way to its stated “Alchemy of 5%” goal.
The company accelerated its Ethereum accumulation ahead of the upcoming Fusaka upgrade, scheduled for activation Dec. 3, which is expected to deliver improvements in scalability, enhanced security, and usability. In the past week alone, BitMine acquired 96,798 ETH, boosting weekly purchases by 39%.
“As we look ahead to December, the Fusaka upgrade, aka Fulu-Osaka, is scheduled for activation Dec. 3rd and delivers an array of improvements in scalability, enhanced security and usability,” said Tom Lee of Fundstrat, chairman of BitMine.
BitMine reigns as the number one Ethereum treasury and number two global crypto treasury, behind Strategy Inc (NASDAQ:STRF), which owns 649,870 BTC valued at $59 billion.
BMNR Price Action: BitMine shares were down 11.86% at $29.19 at the time of publication on Monday, according to Benzinga Pro.
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BMNRBitMine Immersion Technologies Inc$29.64-10.5%Overview$BTCBitcoin – United States dollar$85446.00-5.44%$ETHEthereum – United States dollar$2753.85-7.96%STRFStrategy Inc$105.03-2.29%Market News and Data brought to you by Benzinga APIs
