BitMine Stock Plummets After Ethereum Acquisition

BitMine stock suffered a 8% decline following the acquisition of 82,353 ETH, increasing its holdings to 3.4 million ETH. This move occurred amidst a broader crypto market sell-off and raised concerns about concentrated asset risk in the sector. BitMine’s equity volatility surged after this deal, with shares falling to $42.86. While the acquisition drew support from prominent investors like Bill Miller III and Cathie Wood, it also exposed potential weaknesses related to concentration of holdings and liquidity.