BMNR Stock Slips Amid Ethereum Weakness
Bitmine Immersion Technologies (BMNR) announced a fresh purchase of over 26,000 Ethereum tokens on Monday morning. The company's Ethereum holdings now total approximately 5.42 million tokens, accounting for about 4.49% of the network's total supply.
The stock price of BMNR slipped amid weakness in Ethereum's price and added pressure on the cryptocurrency market. Bitcoin's price also fell by 2.5%, briefly dipping below $72,000 after Strategy (MSTR) disclosed its first Bitcoin sale since 2022.
Retail traders expressed frustration with BMNR shares dropping, despite strength in the broader equity market, and asked for a rally similar to Hyperliquid Strategies (PURR). PURR's stock was on track to breach another record high in pre-market trade after Hyperliquid's native token (HYPE) hit an all-time high of over $74.
BMNR chairman Tom Lee defended the drop in Ethereum's price, stating that it wasn't 'surprising' given the early stages of crypto spring. He also mentioned Bitmine's expectation to reach the 'alchemy of 5%' sometime in 2026.