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BitMine Immersion Technologies Inc (AMEX:BMNR) shares are trading lower Thursday afternoon, swept up in a broader cryptocurrency correction that saw Bitcoin (CRYPTO: BTC) slip below the $88,000 level and Ethereum (CRYPTO: ETH) tumble over 6%.
What To Know: The stock's decline highlights its high correlation to Ethereum following a strategic pivot under Chairman Tom Lee. BitMine has transformed into the world's largest corporate holder of Ethereum, accumulating over 3.55 million tokens, roughly 2.9% of the total global supply. Consequently, BitMine now functions largely as a proxy for the asset.
When Ethereum prices dropped to around $2,800 on Thursday, billions in implied value were effectively wiped from BitMine's balance sheet, directly pressuring the stock price.
Despite the Sell signal currently flashed by MACD indicators and broader market headwinds, Wall Street analysts remain watchful. B. Riley Securities recently issued a $90 price target, citing significant long-term upside.
Investors will be watching closely when the company reports fourth-quarter and full-year results before the opening bell on Friday to see how this volatility impacts the company’s outlook under new CEO Chi Tsang.
Read Also: BMNR Drops 6%, But Tom Lee Adamant: ‘Crypto Cycle Top 12-36 Months Away’
Benzinga Edge Rankings: Benzinga Edge stock rankings highlight a divergent outlook for BMNR, flagging both short and medium-term price trends as negative while maintaining a positive signal for the long term.
BMNR Price Action: BitMine Immersion shares were down 7.16% at $27.10 at the time of publication on Thursday, according to Benzinga Pro data.
Read Also: September Jobs Spike Threatens Fed Cut, But Wall Street Still Jumps
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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