BitMine Immersion Technologies (BMNR) Stock Slides Wednesday As Bitcoin Breaks Below $90,000

BitMine Immersion Technologies Inc. (NYSE:BMNR) shares are trading lower on Wednesday afternoon, pressured by a broader downturn in the cryptocurrency sector as Bitcoin (CRYPTO: BTC) falls below the $90,000 level. Here’s what investors need to know.

• BMNR stock is struggling to find support. See the full story here.

What To Know: The decline highlights the stock’s high correlation to digital asset prices, driven by its aggressive treasury strategy. BitMine recently disclosed that its crypto and cash holdings have grown to $11.8 billion, solidifying its position as the largest single Ethereum (CRYPTO: ETH) holder.

The company currently holds over 3.55 million Ethereum tokens, representing 2.9% of the total ETH supply, and is pursuing a long-term goal of acquiring …

Full story available on Benzinga.com