Bitmine Immersion Technologies Stock Falls as Ether Breaks $2,000, Overshadowing MAVAN Launch
Bitmine Immersion Technologies shares dropped 5.4% to $18.39 on Friday, tracking a slide in ether, which slipped under $2,000 and overshadowed the MAVAN staking-platform debut earlier in the week. Thursday saw the stock tumble 8.3%. This shift puts a spotlight on Bitmine’s exposure to ether. On March 22, the miner held 4,660,903 ETH—roughly 3.86% of total supply. With ether closing at $1,983.21 on Friday, that pile comes in around $414 million below the $2,072-a-coin valuation from Bitmine’s most recent holdings report.
