BMNR is trading at $28.19 (-3.95%) amid a weak crypto market, correlating strongly with ETH prices due to its significant treasury holdings.
- The company holds 3.63M ETH in its treasury, making its stock highly sensitive to Ethereum's performance.
- While BTC is up +0.41%, ETH is slightly down -0.08% since the last close, contributing to the selling pressure.
- Zacks highlights a bearish trend below the 50-day MA and notes overvaluation, compounded by recent chairman comments citing crypto price drops and liquidity issues.