BitMine Immersion Stock Down 15% Despite Expanding ETH Treasury – Will $40 Hold?
BitMine Immersion Technologies has seen a roller-coaster summer, with its stock soaring and collapsing in tandem with Ethereum’s moves.
Quick overview
- BitMine Immersion Technologies experienced significant stock volatility this summer, closely tied to Ethereum's price movements.
- The company has aggressively increased its Ethereum holdings to 1.52 million ETH, aiming to control 5% of the circulating supply.
- Despite its large Ethereum stash, BMNR shares have fallen 14.2% since August 11, highlighting the impact of Ethereum's volatility on its stock performance.
- The upcoming weeks are crucial for BMNR, as maintaining support levels above $40 and Ethereum above $4,000 will determine the potential for future gains.
BitMine Immersion Technologies has seen a roller-coaster summer, with its stock soaring and collapsing in tandem with Ethereum’s moves.
A Summer of Volatility
BitMine Immersion Technologies, Inc. (NYSE: BMNR) staged an impressive recovery earlier in August after tumbling below $30, riding Ethereum’s strength to deliver a triple-digit rebound. At its peak, shares climbed roughly 150%, topping out around $72, as the company’s heavy Ethereum exposure and bullish sentiment across the crypto sector reignited investor optimism.
The rally, however, was short-lived. This week BMNR shares have dropped more than 15% as Ethereum itself pulled back from near-record levels, putting renewed pressure on both the token and the stock. Sellers are now testing the 20-day simple moving average (SMA), with the 50-day SMA still acting as the more important support level.
BMNR Chart Daily – Reviving the Uptrend
Ethereum Holdings Strategy
The company has doubled down on its crypto-focused strategy. BitMine added another 373,000 ETH to its holdings this month, lifting its total stash to 1.52 million ETH—valued around $6.6 billion. This aggressive move aligns with its so-called “alchemy of 5%” strategy, which aims to eventually control 5% of Ethereum’s circulating supply.
Despite the accumulation, the stock has fallen 14.2% since August 11, a stark reminder that price performance is closely tethered to Ethereum’s own volatility. Chairman Thomas Lee emphasized that rising institutional interest in Ethereum-driven strategies continues to validate the company’s long-term approach.
BMNR Chart Weekly – The 20 SMA Held As Support
Market Position and Context
With about 1.3% of Ethereum’s total supply under management, BitMine now surpasses SharpLink Gaming’s ETH holdings of 730,000 tokens, solidifying its position as the largest corporate Ethereum holder. By liquidity measures, BitMine is now the world’s top Ethereum treasury, the second-largest crypto treasury overall, and ranks among the ten most liquid U.S. stocks.
Even so, the summer has been unforgiving. BMNR shares skyrocketed from under $5 to $161 in early July, only to collapse back to $30 shortly after. The 50-day SMA offered a stabilizing cushion, but the latest weakness in ETH/USD—slipping from $4,800 last week to under $4,000—has reignited selling pressure.
Looking Ahead
The coming weeks will be critical. If Ethereum finds a floor above $4,000 and BMNR can maintain support above $40, the company may be able to build a base for another run higher. But if both levels fail, the rally risks giving way to another sharp correction.
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