Stock Market Today: Bitmine Immersion Technologies Drops After Ethereum Purchase

Bitmine Immersion Technologies (NYSEMKT: BMNR), an Ethereum-focused (CRYPTO: ETH) crypto holding company, closed at $46.03 on Wednesday, down nearly 8%. Trading volume surged to 63.8 million shares, well above the three-month average of 34.4 million. The company’s market capitalization stood at $7.98 billion, with the stock trading in a wide intraday range between $44.52 and $49.09. Shares remain significantly below their 52-week high of $161 but well above the low of $3.92.Broader equity markets advanced despite Bitmine’s decline. The S&P 500 (SNPINDEX: ^GSPC) gained 15.46 points, or 0.24%, to close at 6,481.40, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) rose 45.87 points, or 0.21%, to 21,590.14.Today's stock pullback followed Bitmine’s announcement in mid-August that it had raised $20 billion in equity financing to significantly increase its Ethereum holdings. This week it deployed that cash into nearly 200,000 Ethereum. Industry experts point to a rotation of capital from Bitcoin into Ethereum, and some Bitmine investors expressed concern over dilution from the large stock issuance. Sentiment around the company remains supported by the June 30 appointment of crypto bull Tom Lee as chairman, whose reputation continues to lend credibility to Bitmine’s long-term strategy.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool