BitMine Stock Crashes 8% After $12B ETH Hoard Grows

• Contradictory Market Signals: Ethereum treasury firm BitMine (BMNR) saw its stock price plummet by over 8%, even after announcing a significant increase in its ETH holdings.
• Massive ETH Accumulation: The company added another 82,353 ETH, boosting its total reserves to nearly 3.4 million ETH, valued at over $12 billion.
• Key Market Player: BitMine now holds 2.8% of the entire Ethereum supply, making it the largest publicly traded ETH holder and the second-largest corporate digital asset treasury overall.
• Broader Downturn: The stock's sharp decline occurred amidst a wider market pullback, positioning it as one of the day's biggest losers among public crypto companies.

BitMine's Stock Tumbles Despite Bullish ETH Strategy

In a perplexing turn of events for investors, Ethereum treasury firm BitMine (ticker: BMNR) experienced a significant sell-off, with its stock closing down by more than 8% on Monday. The drop came as a shock to many, as it directly followed the company's announcement that it had bolstered its already massive Ethereum stockpile by acquiring an additional 82,353 ETH over the past week.

This latest acquisition brings BitMine's total holdings to a staggering 3.4 million ETH, which translates to a market value of over $12 billion. The firm's aggressive accumulation strategy highlights its goal to control 5% of the total ETH supply, a target it is now more than halfway toward achieving.

A Treasury of Unprecedented Scale

BitMine's digital asset portfolio solidifies its position as a dominant force in the crypto space. Beyond its vast Ethereum reserves, the company holds 192 bitcoins (valued at approximately $20 million), a $62 million stake in Eightco Holdings (ORBS), and maintains a substantial cash position with $389 million unencumbered. According to a press release, the company's total crypto and cash holdings now exceed $13.7 billion.

This makes BitMine the largest publicly traded holder of ETH and places it as the second-largest digital asset treasury of any company, trailing only Michael Saylor’s MicroStrategy.

Backed by Industry Titans

The firm's ambitious strategy has attracted a roster of elite investors, confirming the high-stakes game it's playing. Backers include legendary billionaire investors such as Bill Miller III, Cathie Wood of ARK Invest, and Peter Thiel's Founders Fund. The list also includes a who's who of crypto-native institutions, with DCG, Galaxy, Kraken, and Pantera all investing in the firm.

Market Jitters Override Accumulation News

Despite the powerful backing and bullish accumulation, the market reacted with fear. BMNR shares were trading just above $42 when the market closed, marking it as one of the top 10 biggest losers among publicly traded crypto firms for the day. The decline appears to be part of a broader, market-wide pullback that dragged down numerous crypto-related stocks.

Even with the negative price action, BitMine's trading volume remains exceptionally high. The stock is reportedly the 60th most traded in the United States, with an average of $1.5 billion traded daily over the last five days, proving that all eyes are on this Ethereum whale, for better or for worse.