Bitmine Immersion Technologies (BMNR) stock fell 9.7% on Thursday, January 29th.
The decline followed a broad cryptocurrency market sell-off. Ethereum (ETH) prices fell considerably, pressuring BMNR’s valuation.
The company's performance links tightly to Ethereum's price. BMNR holds over 4.2 million ETH.
A January 27th analysis highlighted substantial risk to BMNR stock from declining Ethereum prices. The analysis cited the company's large unrealized losses and the strong correlation between the stock and the cryptocurrency.