Crypto Stocks Plummet as Bitcoin and Ethereum Prices Fall Ahead of CLARITY Act Vote

BitMine Immersion Technologies (NYSE: BMNR) and MicroStrategy (MSTR) shares tumbled on Tuesday as the broader cryptocurrency market weakened. Bitcoin fell to around $75,000, while Ethereum dropped about 5% over 24 hours to roughly $2,376.

The weakness also came as broader markets moved lower, with Nasdaq futures declining 0.65% and S&P 500 futures falling about 0.5%. BitMine operates as an Ethereum treasury company, making its valuation highly sensitive to movements in ETH.

Despite the recent decline, BitMine continues to aggressively expand its Ethereum holdings. As of September 13, the company held 5,956,378 ETH, valued at approximately $2,513 per token. Its total crypto, cash, marketable securities and other investments reached $15.8 billion.

The upcoming CLARITY Act vote could influence the future of crypto-related stocks, with potential for recovery or prolonged uncertainty depending on the outcome. Senate Democrats blocked the Digital Asset Market Clarity Act, legislation aimed at clarifying how federal regulators share oversight of the cryptocurrency industry.