BitMine Immersion Technologies (BMNR) stock fell 24% this week, trading at $30.95 as of November 18, 2025, despite the company acquiring over 54,000 ETH worth $173 million and raising its cash reserves to $607 million. The company also announced Chi Tsang as its new CEO and major board changes, reinforcing its strategy as the largest publicly listed Ethereum treasury. Chairman Thomas Lee attributed the crypto price weakness to reduced market liquidity following the October crash, but maintains that the cycle has not peaked. BMNR’s share price remains highly sensitive to Ethereum price swings and investor sentiment, with volatility amplified by its aggressive treasury strategy and ongoing leadership changes.