Ethereum Treasury Stock BMNR Tanks 24% — Here's What You Need to Know

Bitmine Immersion Technologies (NYSEMKT: BMNR) just got hammered this week, dropping 24.4% as the broader crypto market bleeds out.

What Happened

BMNR pivoted into a crypto treasury play earlier this year, loading up 3.56 million ETH tokens on its balance sheet after raising $7B in fresh capital. Sounds solid on paper — except Ethereum just took a 28% nosedive as overleveraged traders got liquidated across platforms.

Now here’s the kicker: BMNR’s market cap sits around $10B, but the actual value of its crypto holdings? $11.8B as of mid-November. So technically, you’re buying the company’s assets at a discount.

The Real Problem

But discount ≠ deal. If you’re already bullish on Ethereum, why buy it wrapped in a stock with middleman overhead? You’re paying:

• Corporate operating costs
• Management dilution risk
• The chance they screw up custody or make bad moves with your capital

Meanwhile, buying ETH directly on any exchange gives you the same exposure, cleaner portfolio, zero extra friction.

Bottom Line

Crypto treasury stocks like BMNR and MicroStrategy make for interesting thesis plays, but they’re fundamentally inefficient for retail investors. If Ethereum’s your conviction, cut out the middleman.