BitMine Stock Plummets 7.14% Amid Inflation Worries

BitMine's stock took a hit on Friday, falling by 7.14% to close at $23.80.

This decline wiped out around $1.1 billion in market capitalization, leaving BitMine's market value at $14.36 billion.

The company's cryptocurrency holdings stood at $14.9 billion, making it a significant chunk of its total value.

BitMine's exposure to equities intensified changes in token prices, with a $100 swing in Ether resulting in a $585 million move for its 5.85 million-token holding.

The catalyst behind the decline was widespread de-risking following remarks from Federal Reserve Chair Kevin Warsh on ongoing inflation pressures.