Strategy, BitMine Share Values Plummet as Bitcoin and Ethereum Decline
Major Crypto Firms Face Sharp Stock Declines
Leading Ethereum-focused company BitMine Immersion Technologies and prominent Bitcoin treasury holder Strategy both experienced significant drops in their stock prices, reflecting renewed investor anxiety as their core crypto assets also suffered steep losses on Thursday.
By the end of Thursday’s trading session, BitMine—listed on the Nasdaq under the ticker BMNR—had fallen nearly 10%, closing at $26.70. The stock hit a low of $26.02 during the day, matching its closing price from November 2, 2025.
Earlier this week, Tom Lee’s BitMine made its largest Ethereum purchase of 2026, acquiring $116 million in ETH. Since the beginning of the year, the company has completed three other major buys: $108 million, $76 million, and $100 million. According to CoinGecko, BitMine’s Ethereum holdings now total around $11.9 billion, representing 3.5% of the entire ETH supply.
Strategy’s Shares Hit Yearly Lows
Strategy’s stock also tumbled, reaching its lowest point in over a year. At Thursday’s close, MSTR was down nearly 10% at $143.19, with an intraday low of $139.36—the lowest since September 2024, based on Yahoo Finance data.
The company, co-founded by chairman and well-known Bitcoin advocate Michael Saylor, expanded its Bitcoin reserves on Monday, announcing a $267 million BTC purchase last week. Strategy now holds 712,647 BTC, valued at roughly $60 billion at current market prices.
Bitcoin Plunge Could Get Much Worse as Death Cross Gains Power
Market Turbulence Intensifies
The sell-off in both stocks and cryptocurrencies came as broader market uncertainty grew. On Thursday afternoon, the U.S. Senate failed to pass a resolution to prevent a partial government shutdown, leaving lawmakers until Saturday to reach an agreement. Meanwhile, a sharp decline in Microsoft’s stock reignited concerns about a potential AI-driven market bubble.
Bitcoin dropped over 5% during the day, recently trading at $84,416 after rebounding from a low of $83,407. This remains above its late November trough, when the price briefly fell below $83,000 after a major BTC holder sold off $1.3 billion worth of Bitcoin. Ethereum also declined, falling to $2,816—a 6.6% decrease from the previous day, according to CoinGecko.
Prediction Markets Signal More Downside for Ethereum
The recent volatility has prompted users on Myriad, a prediction platform owned by Decrypt’s parent company Dastan, to increase the likelihood that Ethereum will drop to $2,500 before recovering to $4,000. On Thursday, the probability of further declines rose from 65% to over 75% among participants betting on a deeper slide.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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