BitMine Stock Slumps Amid Ether Price Plunge

BitMine Stock Tumbles Amid Ether Price Slump

The stock price of BitMine, which operates a staking platform for cryptocurrency, fell by 7.1% on Friday to close at $23.80 per share.

This decline came after the price of Ether, a key component of BitMine's treasury, dropped sharply over the weekend to around $1,625.

The drop in Ether's value led to a mark-to-market swing of nearly $5 billion for BitMine's concentrated treasury, dwarfing the estimated $1.10 billion loss in equity value on Friday.

BitMine's chairman, Tom Lee, had previously stated that Ether's prior 30% weekly gains often precede larger advances, and that easing financial conditions may be a tailwind for the cryptocurrency.