BitMine Immersion Plummets 6.4% Amid $13.7B ETH Treasury Expansion – What’s Next?

Summary
• BitMine Immersion (BMNR) trades at $43.67, down 6.39% intraday
• Company announces 3.4M ETH holdings ($13.7B total crypto/cash)
• ETH price volatility and profit-taking drive sharp selloff
• Institutional backing and 'Alchemy of 5%' goal remain core themes

BitMine Immersion’s stock plunged over 6% in volatile Thursday trading, despite a landmark $13.7 billion crypto/cash treasury expansion. The selloff follows a broader crypto market reset post-October 10th liquidation event and profit-taking after a recent rally. With ETH holdings now at 2.8% of the total supply, the company’s aggressive accumulation strategy and institutional support remain focal points for investors.

ETH Treasury Expansion and Market Volatility Trigger Sharp Selloff
BitMine’s intraday decline stems from profit-taking after a recent 4.5% rally and broader crypto market uncertainty. The company’s announcement of 3.4 million ETH holdings (2.8% of supply) and $13.7 billion total assets reinforced its position as the largest ETH treasury but coincided with a fragile market environment. October’s 45% drop in ETH open interest and the October 10th deleveraging event created a risk-off sentiment, amplifying short-term volatility. While Chairman Tom Lee remains bullish on Ethereum’s fundamentals, the stock’s liquidity-driven sell-off reflects cautious positioning ahead of potential seasonal recovery in Q4.

Blockchain Sector Volatility Reflects Broader Crypto Market Uncertainty
The Blockchain sector mirrored BMNR’s decline, with Strategy (MSTR) down 1.04% as crypto treasuries face profit-taking pressure. BMNR’s 6.4% drop outpaced the sector’s average 2-3% decline, highlighting its sensitivity to ETH price swings and institutional positioning. While MSTR remains the sector leader with a $14.2 billion treasury, BMNR’s aggressive ETH accumulation and high liquidity (ranked 60 in US trading volume) position it as a key barometer for crypto equity sentiment.

Options Playbook: Capitalizing on BMNR’s Volatility and Key Support Levels
• RSI: 35.6 (oversold)
• MACD: -1.36 (bearish), Signal: -0.50, Histogram: -0.85
• Bollinger Bands: Upper $62.46, Middle $52.95, Lower $43.44
• 30D MA: $53.04 (above price), 100D MA: $45.59 (near price)

BMNR’s technicals suggest a critical test of the $43.44 lower Bollinger Band and 100D MA. A break below $43.44 could trigger a short-term rebound, while a close above $44.50 may signal a reversal. The 35.6 RSI and bearish MACD indicate oversold conditions but lack immediate bullish conviction. For leveraged exposure, consider the ARKK ETF (ARKK) as a proxy for crypto-linked equities, though its 1.03% decline mirrors sector weakness.

Top Options Picks:
1. BMNR20251107P43 (Put, $43 strike, 11/7 expiry)
• IV: 104.04% (high volatility)
• LVR: 18.15% (moderate leverage)
• Delta: -0.4316 (sensitive to price swings)
• Theta: -0.0302 (moderate time decay)
• Gamma: 0.0777 (responsive to price movement)
• Turnover: $200,282 (high liquidity)
• Payoff (5% downside): $0.67 per contract
• This put option offers asymmetric upside if BMNR breaks below $43.44, leveraging high IV and gamma for rapid premium gains.

2. BMNR20251107P43.5 (Put, $43.5 strike, 11/7 expiry)
• IV: 107.72% (extreme volatility)
• LVR: 20.26% (strong leverage)
• Delta: -0.4695 (high sensitivity)
• Theta: -0.0327 (moderate decay)
• Gamma: 0.0724 (responsive to price swings)
• Turnover: $35,761 (reasonable liquidity)
• Payoff (5% downside): $1.17 per contract
• This deeper out-of-the-money put offers higher reward potential if BMNR gaps down, capitalizing on extreme IV and leverage ratios.

Backtest BitMine Immersion Stock Performance
It looks like the automatic step that should extract every “-6 % intraday plunge” date from the daily OHLC file for BMNR.A did not complete successfully – the calculation engine returned an internal error (“code_result not found”). To continue we have two practical options:1. Retry the extraction with a revised approach (for example, pre-calculating the -6 % plunge flag externally and then feeding only the resulting date list to the back-test engine). 2. If you already know (or can easily specify) the plunge dates you care about, you can simply give me that list (even a partial one to start with), and I’ll run the event impact back-test straight away.Please let me know which path you prefer, or if you’d like me to attempt the automated extraction again with a different setup.

BMNR Faces Critical Support Test – Watch for $43.44 Breakdown
BitMine’s 6.4% selloff has brought it to a pivotal juncture, with the $43.44 lower Bollinger Band and 100D MA acting as immediate support. A break below this level could trigger a short-covering rally, while a rebound above $44.50 may signal renewed bullish momentum. The company’s $13.7 billion ETH treasury and institutional backing remain structural positives, but near-term volatility will hinge on ETH price action and broader crypto sentiment. Investors should monitor Strategy (MSTR)’s 1.04% decline as a sector barometer. For aggressive traders, the BMNR20251107P43 put offers a high-gamma, high-IV play on a potential breakdown. Watch for $43.44 support or a reversal above $44.50 to dictate next steps.