$BMNR drops to 23.37, down 8.1% in 24 hours, with trading volume of 47.1M. This kind of sell-off, within its own logic, is actually quite bizarre.
Bitmine is an Ethereum reserve company—the identity is basically hoarding ETH. Recently it’s also been adding to its position: it bought a total of $68 million worth of ETH in one go, bringing its holdings to nearly 6 million coins, and it also added 1 BTC while expanding its ORBS position by another $7 million. The pace of hoarding coins hasn’t stopped at all.
The problem is this: while the company keeps buying, the stock price falls first. The market is currently treating $BMNR as a high-leverage proxy for ETH—when ETH moves, it magnifies the reaction. The news about reserve companies collectively hoarding ETH, SOL, and BTC back in September was originally good news, but it got overshadowed by broader macro sentiment.
My take: this mismatch won’t last for too long. With 6 million ETH in the bag, the net-asset logic behind $BMNR will eventually be repriced. Dropping to around 23 is actually where those who only watch the K-line can miss it.
Keep an eye on ETH’s next move.
#CryptoStocks
Bitmine is an Ethereum reserve company—the identity is basically hoarding ETH. Recently it’s also been adding to its position: it bought a total of $68 million worth of ETH in one go, bringing its holdings to nearly 6 million coins, and it also added 1 BTC while expanding its ORBS position by another $7 million. The pace of hoarding coins hasn’t stopped at all.
The problem is this: while the company keeps buying, the stock price falls first. The market is currently treating $BMNR as a high-leverage proxy for ETH—when ETH moves, it magnifies the reaction. The news about reserve companies collectively hoarding ETH, SOL, and BTC back in September was originally good news, but it got overshadowed by broader macro sentiment.
My take: this mismatch won’t last for too long. With 6 million ETH in the bag, the net-asset logic behind $BMNR will eventually be repriced. Dropping to around 23 is actually where those who only watch the K-line can miss it.
Keep an eye on ETH’s next move.
#CryptoStocks