BitMine Immersion Plunges 9.28% Amid Ethereum Downturn as $2.5 Billion Trading Volume Secures 24th in U.S. Equity Activity

BitMine Immersion (BMNR) closed August 19 with a 9.28% decline, its stock price dropping amid a broader Ethereum market correction. The company’s $2.5 billion trading volume ranked it 24th in U.S. equity activity, underscoring its elevated liquidity despite the downturn. The move followed a sharp ETH price pullback, which amplified BMNR’s sensitivity to cryptocurrency market dynamics.

Positive developments for BitMine include a surge in its Ethereum treasury, now valued at $6.6 billion across 1.52 million ETH and 192 BTC. This represents a $1.7 billion weekly increase, positioning the firm as the world’s largest ETH holder and second-largest overall crypto treasury behind MicroStrategy. Institutional support and strategic accumulation have reinforced its market profile, though analysts caution the stock remains a speculative play with inherent volatility.

Market sentiment remains mixed. While BMNR was highlighted as a top small-cap stock to watch by equity screeners, its exposure to Ethereum’s price swings continues to dominate investor behavior. Recent corrections in ETH prices directly impacted BMNR’s performance, echoing broader trends in crypto-linked equities. The company’s aggressive ETH purchases and high trading volume—averaging $6.4 billion daily—have drawn attention from both retail and institutional traders.

The strategy of buying the top 500 stocks by daily trading volume and holding them for one day from 2022 to 2025 yielded a 7.61% total return, with a 1.98% average daily gain. However, the approach showed limited risk-adjusted performance, evidenced by a Sharpe ratio of 0.71, indicating modest returns relative to volatility.