Ethereum
Bitmine Drops 6% and Strategy Slips as Crypto Treasury Equities Diverge
Crypto treasury stocks experienced differing pullbacks as Ethereum and Bitcoin declined, with Bitmine falling more sharply than Strategy.
Bitmine Immersion Technologies shares fell 6% to $24.82, while Strategy declined 1% to $142.79, outpacing broader market movements where the Invesco QQQ Trust remained unchanged and the SPDR S&P 500 ETF dropped 0.46%. The iShares Bitcoin Trust ETF also declined 2% to $25.41.
The equity divergence occurred alongside pullbacks in underlying digital assets, with Ethereum falling 2.5% over a 24-hour window to $2,450.54 and Bitcoin slipping 2% to $79,628.44. Bitmine's steeper drop followed a 37% gain over the previous month, leaving the stock more vulnerable to rapid profit-taking as the token turned lower.
The two companies maintain different balance-sheet profiles. Bitmine held 5.9 million Ethereum tokens as of August 31 within $15.6 billion in total crypto and cash assets, with Chairman Thomas Lee aiming for 5% of the total ETH supply. In contrast, Strategy holds 846,000 Bitcoin valued on its books at $49.7 billion against a $63.9 billion cost basis, supported by capital measures including a 12% dividend rate on its STRC preferred shares and $975 million in remaining repurchase capacity.
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