Bitmine Stock Slides as Tom Lee’s $13.4 Billion Ethereum Bet Enters a New Test
Bitmine Immersion Technologies shares slid roughly 7.7% in New York on Friday, putting further pressure on one of the largest public Ethereum treasury holdings as ether stumbled. BMNR was changing hands at $20.30 at 15:51 UTC. ETH, the native Ethereum token, hovered around $2,221, down 3.4% for the day. This shift is key: Bitmine’s pitch to investors hinges less on traditional crypto mining these days, and more on whether the market values holding a sizable pile of ETH on the books. A dip in ether? Suddenly, the stock starts trading less like a mining play and more like a leveraged bet on where ETH heads next.