Bitmine (BMNR) trades below reported Ethereum asset value after Russell 1000 inclusion

Bitmine Immersion Technologies shares slid Wednesday. Ether prices also lost ground. This came two days after Bitmine disclosed one of the largest crypto treasury holdings among public companies.

Bitmine Immersion Technologies Inc. shares gained after the miner reported its Ethereum treasury had grown to 5,620,754 ETH, or about 4.66% of the total ETH supply. BMNR ended Monday up 6.21% at $17.11, with the stock trading in a $17.05 to $17.82 range during the session. BMNR was last seen at $17.12 in premarket trading Tuesday, according to StockAnalysis market data. Bitmine said its crypto assets, cash, marketable securities and investments stood at $10.4 billion on June 14.

BitMine Immersion Technologies shares gained Monday as investors looked to the company’s NYSE-listed BMNR stock as a high-beta trade on Ethereum. The stock traded at about $17.19 in recent action, up 6.7% from the previous close, with more than 42 million shares traded. Ether, BitMine’s key treasury asset, was around $1,820 after rallying 9% during the session. Buyers tend to push stocks higher when they see info that could boost future cash flows, lift asset values or shift sentiment. For BitMine, today’s move was linked to its bigger ETH position, ether’s own bounce, and preferred-stock financing entering the market.