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BitMine Shares Plummet Despite $11.8B Crypto Holdings

11/18/2025

Summary

Story summary

BitMine Immersion Technologies Inc. (NYSE:BMNR) shares dropped nearly 6% on November 17, 2025, despite reporting $11.8 billion in crypto and cash holdings.
The company holds over 3.55 million Ethereum, making it the largest single holder, with a goal of acquiring 5% of the total supply.
Chairman Tom Lee compared Ethereum to the early internet era, calling it a "supercycle."
Ethereum's recent decline of over 11.5% in the past week has negatively impacted BitMine's stock performance.
BMNR is currently testing critical support levels between $32 and $34 following the appointment of a new CEO and three independent directors.

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Story summary

BitMine Immersion Technologies Inc. (NYSE:BMNR) shares dropped nearly 6% on November 17, 2025, despite reporting $11.8 billion in crypto and cash holdings.
The company holds over 3.55 million Ethereum, making it the largest single holder, with a goal of acquiring 5% of the total supply.
Chairman Tom Lee compared Ethereum to the early internet era, calling it a "supercycle."
Ethereum's recent decline of over 11.5% in the past week has negatively impacted BitMine's stock performance.
BMNR is currently testing critical support levels between $32 and $34 following the appointment of a new CEO and three independent directors.