BitMine (BMNR) stock slides after $14.5 billion crypto hoard update, 50-billion-share approval
BitMine Immersion Technologies shares fell 8.3% to $28.57 Tuesday after disclosing $14.5 billion in crypto and cash holdings, including 4.2 million ether and 193 bitcoin. Shareholders approved raising authorized shares from 500 million to 50 billion, setting up potential dilution. The company bought 35,268 ether last week and plans to close a $200 million Beast Industries investment. Ether dropped 6.8% Tuesday, weighing on crypto stocks.