What's Going On With BitMine Immersion Technologies (BMNR) Stock?

Shares of BitMine Immersion Technologies Inc (NYSE:BMNR) are trading lower Monday morning as investors digest a wave of recent company news and weakness in crypto. Here’s what investors need to know.

• BMNR is facing resistance from sellers. Get the complete picture here.

What To Know: The primary catalyst for the stock remains its aggressive Ethereum (CRYPTO: ETH) accumulation. BitMine on Monday announced its treasury now holds over 3.55 million ETH, valued at $11.8 billion. This position makes BitMine the largest single Ethereum holder.

The company currently owns 2.9% of the total ETH supply, marking the halfway point to its stated goal of acquiring 5% of the network. Chairman Tom Lee called Ethereum a “supercycle,” comparing the current opportunity to the early internet era. The company is backed by prominent investors, including ARK's Cathie Wood and Founders Fund.

Ethereum is down more than 11.5% over the past week and is down about 1% over the past 24 hours, which is driving weakness in Ethereum treasury companies like BitMine.

Last week, the company announced a major leadership transition, appointing Chi Tsang as its new CEO. BitMine also strengthened its board by adding three new independent directors: Robert Seehan, Olivia Howe and Jason Edgeworth.

Benzinga Edge Rankings: Despite the morning’s pullback, Benzinga Edge rankings highlight the stock’s very strong Momentum score of 99.25 and a positive long-term price trend.

BMNR Price Action: BitMine Immersion shares were down 5.32% at $32.56 at the time of publication on Monday, according to Benzinga Pro data.

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How To Buy BMNR Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in BitMine Immersion’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

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