Strategy, BitMine Stock Prices Dive as Bitcoin and Ethereum Sink
Shares of BitMine Immersion Technologies (BMNR) and Strategy (MSTR) each fell nearly 10% by Thursday’s market close, echoing sharp declines in their respective crypto holdings, Ethereum and Bitcoin. BitMine’s stock closed at $26.70 after bottoming at $26.02. Earlier in the week, BitMine made a record $116 million purchase of ETH, bringing its holdings to $11.9 billion, or 3.5% of the total ETH supply. Strategy’s stock closed at $143.19, its lowest since September 2024. The company recently acquired $267 million worth of Bitcoin, with its total BTC holdings now valued at about $60 billion. Market declines coincide with growing market anxiety: the U.S. Senate blocked a resolution to prevent a government shutdown, and Microsoft’s stock plunge raised fears of an AI market bubble. On Thursday, Bitcoin was down over 5% to $84,416, while Ethereum dropped 6.6% to $2,816. Prediction market activity suggests rising expectations for Ethereum to fall further, with odds increasing that it will reach $2,500 before rebounding to $4,000.
