BitMine Immersion’s $6.6B Ethereum Bet Backfires as Stock Plunges 7% Amid ETH Selloff

BitMine Immersion just learned the hard way that crypto and stocks don’t always move in sync. The mining giant’s massive Ethereum stash—now worth a staggering $6.6 billion—has become an anchor dragging down its shares as ETH prices tumble.

When whales sneeze, the market catches cold

BitMine’s stock slid 7% in lockstep with Ethereum’s decline, proving even billion-dollar positions can’t defy gravity when the crypto tide goes out. The company’s paper gains are evaporating faster than a DeFi rug pull.

Wall Street analysts are suddenly remembering why they used to hate crypto volatility—right after telling clients to ‘buy the dip’ last quarter. Meanwhile, Ethereum maximalists are doubling down, calling this a ‘healthy correction’ before the next leg up. Place your bets.