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BitMine Immersion Technologies Inc. (NYSE:BMNR) has fallen 81% in less than five months as its leveraged Ethereum (CRYPTO: ETH) accumulation strategy produced $3.6 billion in unrealized losses.
Protos reported that BitMine now holds 3,629,701 ETH, roughly 3% of circulating supply, yet its share price has collapsed despite Ethereum rising about 10% over the same period.
The company's large treasury — once pitched as a differentiating advantage, has instead magnified losses due to poorly timed acquisitions.
BitMine's decline mirrors a broad wipeout among digital asset treasuries.
Several firms that pursued publicly funded crypto accumulation models, including Nakamoto, Twenty One, Sixty Six Capital, Upexi and others, have dropped more than 50% since early summer.
Michael Saylor's Strategy Inc. (NASDAQ:MSTR), has declined 56% over the same period, about 1.6 times worse than Bitcoin's 21% slide.
Yet BitMine's performance is far weaker, with an 81% drop despite Ethereum's modest gains.
The downturn highlights the risks of using public equity to crowdsource capital for large digital-asset treasuries.
Protos noted that many firms active in this model have faced steep investor losses as enthusiasm faded and funding markets tightened.
BitMine appointed Tom Lee as chairman in June, shortly before the company transitioned from immersion-cooling mining operations to a leveraged ETH accumulation strategy.
Lee, known for long-term bullish forecasts on Bitcoin (CRYPTO: BTC) and Ethereum, has been unable to reverse the company's market deterioration during the downturn.
The BTC treasury bubble that peaked in May contributed to the pressure.
At that time, investors paid 23 times projected Bitcoin holdings for Nakamoto's stock, a valuation that collapsed weeks later.
BitMine and other late entrants were still finalizing SEC filings and raising capital as sentiment deteriorated.
Price Prediction For BMNR As of November 25th (Source: TradingView)
BMNR posted a meaningful bounce after weeks of selling, rising nearly 20% from recent lows and defending support around $28.
The move halted the slide above a long-held support band, though the broader trend remains bearish.
The price has reclaimed the 200-day EMA near $33, a level that has acted as a deeper trend anchor since July.
The intraday wick to $26 showed the strongest absorption in weeks. RSI sits near 38, still weak but curling higher from oversold conditions.
A heavy resistance cluster sits above current levels.
The 20-day EMA at $36, the 50-day at $41 and the 100-day at $42 form the next supply zone.
The descending trendline from the $68 peak remains the main barrier, currently aligning near the $34–$36 region.
BMNR now approaches a retest of the breakdown zone between $33 and $34.
This area served as support earlier in November and now turns into resistance.
A sustained close above it would shift momentum and open a path toward the 50-day EMA near $41.
If the retest fails, price could fall back toward $28.
A clean move below that level risks a return to the July support band near $20.
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