🤑 Stock Update 00:54
Yahoo is still asking whether it’s undervalued, but BMNR has already plunged 7.97% in a day
📉 BMNR BitMine -7.97%
BMNR is currently at 24.47, after trading between 24.31 and 26.71 over the past 24 hours. It’s now pinned near the very bottom of that range, just a step above the day’s low of 24.31, while the high of 26.71 is far behind. Trading volume for the day is 35.47 million USDT. With volume this high as the price falls, it looks like people are actively selling—not a slow drift down due to a lack of trading.
What’s pushing it down is BitMine’s own news. The company has been using money to accumulate Ethereum. Three hours ago, a report said Tom Lee stated that BitMine would stop buying Ethereum. Two hours ago, another article said the chairman had stated that purchases would end once the company acquired a certain percentage of the Ethereum supply. An hour ago, Yahoo published an article about the company continuing to pile up Ethereum and asked whether the stock was undervalued.
These stories need to be considered together. Many people buy BMNR because they expect “this company will keep buying Ethereum for you.” Now the company itself says it will pull back, which means one less source of ongoing buying pressure. The stock’s story shifts from “still adding to its holdings” to “holding on to what it already has.” That impact will linger; it’s not just a one-off negative headline. All these reports came out in the last three hours, so the market probably hasn’t fully digested them yet. There is one mitigating point: according to the reports, the company said it would stop buying, not sell. For a company whose story is built around hoarding crypto to say it will stop accumulating, a 7.97% drop is hardly surprising.
🎯 The takeaway
This drop isn’t excessive. Stopping purchases undermines the stock’s core investment thesis, and the “undervalued” argument isn’t enough to support the price right now.
If the price climbs back above 26.71, that would suggest the market is treating the pause in buying as a one-off headline, and today’s bearish view would need to be reconsidered.
Watch for the specific share of supply the chairman referred to and when the company expects to reach it. The day the company makes an official statement will be the key test.
The company still hasn’t clarified the specific supply percentage at which it will stop buying, and the price is hovering near the day’s low of 24.31. Before an official statement comes out, will you hold on and wait, or step aside for now?
This is for personal sharing only and is not investment advice.
$BMNR
Yahoo is still asking whether it’s undervalued, but BMNR has already plunged 7.97% in a day
📉 BMNR BitMine -7.97%
BMNR is currently at 24.47, after trading between 24.31 and 26.71 over the past 24 hours. It’s now pinned near the very bottom of that range, just a step above the day’s low of 24.31, while the high of 26.71 is far behind. Trading volume for the day is 35.47 million USDT. With volume this high as the price falls, it looks like people are actively selling—not a slow drift down due to a lack of trading.
What’s pushing it down is BitMine’s own news. The company has been using money to accumulate Ethereum. Three hours ago, a report said Tom Lee stated that BitMine would stop buying Ethereum. Two hours ago, another article said the chairman had stated that purchases would end once the company acquired a certain percentage of the Ethereum supply. An hour ago, Yahoo published an article about the company continuing to pile up Ethereum and asked whether the stock was undervalued.
These stories need to be considered together. Many people buy BMNR because they expect “this company will keep buying Ethereum for you.” Now the company itself says it will pull back, which means one less source of ongoing buying pressure. The stock’s story shifts from “still adding to its holdings” to “holding on to what it already has.” That impact will linger; it’s not just a one-off negative headline. All these reports came out in the last three hours, so the market probably hasn’t fully digested them yet. There is one mitigating point: according to the reports, the company said it would stop buying, not sell. For a company whose story is built around hoarding crypto to say it will stop accumulating, a 7.97% drop is hardly surprising.
🎯 The takeaway
This drop isn’t excessive. Stopping purchases undermines the stock’s core investment thesis, and the “undervalued” argument isn’t enough to support the price right now.
If the price climbs back above 26.71, that would suggest the market is treating the pause in buying as a one-off headline, and today’s bearish view would need to be reconsidered.
Watch for the specific share of supply the chairman referred to and when the company expects to reach it. The day the company makes an official statement will be the key test.
The company still hasn’t clarified the specific supply percentage at which it will stop buying, and the price is hovering near the day’s low of 24.31. Before an official statement comes out, will you hold on and wait, or step aside for now?
This is for personal sharing only and is not investment advice.
$BMNR