Bitmine Immersion Technologies shares fell on February 10. Investor concerns regarding significant unrealized losses on the company’s Ethereum holdings drove the decline.
The company filed a US$315.24 million shelf registration for an employee stock ownership plan. This filing increases the potential for significant share dilution. Additionally, President Erik Nelson has formally departed the company.
Bitmine confirmed yesterday that it continued to purchase Ethereum despite the market downturn. These developments prompt questions regarding the viability of the company’s Ethereum-first treasury strategy. The combination of heavy asset losses and leadership instability continues to create investor uncertainty.