Bitmine Immersion Technologies (BMNR) shares fell 86% from their 52-week high. The stock traded at approximately $22 on April 27, 2026. This price reflects a decline from the $161 peak.
A broad market rotation away from crypto treasury stocks triggered the selloff. Investors exited positions heavily concentrated in Ethereum. Sentiment declined despite the company's growing holdings.
The company’s treasury holds 4.976 million ETH. This volume represents over 4% of the total Ethereum supply. Bitmine manages $11.8 billion in total crypto and cash assets.
Future recovery depends on a material rally in Ethereum prices. Success also requires an expansion of the stock's premium-to-net-asset-value. Management's treasury decisions will determine the potential for a reversal.