BMNR Stock Slips After Bitmine Buys Ethereum Dip – Retail Demands 'HYPE-PURR-Style' Rally

• Bitmine now holds approximately 5.42 million Ethereum, representing about 4.49% of Ethereum's total supply.
• BMNR’s stock fell amid weakness in Ethereum’s price and added pressure on the cryptocurrency market after Michael Saylor’s Strategy sold some of its Bitcoin.
• Retail traders on Stocktwits expressed frustration that BMNR has not followed the strong stock performance seen in Hyperliquid Strategies.

Bitmine Immersion Technologies (BMNR) announced a fresh buy of over 26,000 Ethereum (ETH) tokens on Monday morning, but the stock continued to slip lower amid weakness in the leading altcoins price.

BMNR’s stock fell as much as 2.6% in pre-market trade and was among the top trending tickers on Stocktwits at the time of writing. Retail sentiment on the platform around the Ethereum digital asset treasury (DAT) trended in ‘neutral’ territory over the past day.

Retail traders on the platform expressed their frustration with BMNR shares dropping, despite strength in the broader equity market, asking for a rally similar to Hyperliquid Strategies (PURR). 

PURR’s stock was on track to breach another record high in pre-market trade after Hyperliquid’s native token (HYPE) hit an all-time high of over $74 and flipped Dogecoin (DOGE) to enter the top 10 cryptocurrencies by market capitalization.

Tom Lee Says Ethereum Price Doesn't Reflect Network Fundamentals

The weakness in BMNR’s stock also coincided with broader pressure on cryptocurrency markets. Ethereum’s price fell about 1.8% over the past 24 hours to roughly $1,980, though it outperformed Bitcoin.  BTC’s price dropped 2.5% and briefly slipped below $72,000 after Strategy (MSTR) disclosed its first Bitcoin sale since 2022.

BMNR chairman Tom Lee defended the drop in Ethereum’s price as something that wasn’t “surprising”.  "In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring,” he said in a statement. “Bitmine is expected to reach the 'alchemy of 5%' sometime in 2026.”

The company said it now holds around 5.4 million ETH, valued at approximately $10.8 billion. Bitmine also reported holdings of 203 Bitcoin, a $180 million stake in Beast Industries, a $93 million stake in Eightco Holdings (ORBS), and $446 million in cash. It added that its ETH holdings now represent roughly 4.49% of the network's total supply of about 120.7 million ETH.

Of its 5.4 million ETH holdings, the company stated that 4.7 million ETH have already been staked, representing approximately $9.5 billion worth of assets and making the largest staker of Ethereum globally.

Read also: Trump Says 'Iran Really Wants To Make A Deal'— But BTC Is Still Down, Oil Is Still Up, And ETFs Are Still Bleeding

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