Why BitMine Immersion Technologies Stock Plummeted on Monday
Key Points
It simply picked the wrong day to publish its latest portfolio update.
That's because its anchor asset had fallen substantially in price.
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Crypto treasury company Bitmine Immersion Technologies (NYSEMKT: BMNR) didn't have timing on its side Monday. Its stock took a punishing hit of almost 13% that trading session after it published the latest update on its holdings -- on a day when many cryptos were booking substantial losses.
A bad case of the Mondays
Bitmine publishes weekly updates of its holdings, which is appropriate given the company's active involvement with its anchor position in Ethereum.
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The update published Monday revealed that the company added 97,798 tokens of the crypto over the past week, lifting its total to 3,726,499. Bitmine also revealed that it possessed 192 Bitcoin, unchanged from the previous week.
Regarding other major assets, the company disclosed that its stake in peer company Eightco Holdings was valued at $36 million, and it held $882 million in cash.
A looming hike?
A substantial add to Ethereum holdings would have been welcome news had the top altcoin been performing well. Unfortunately for Bitmine, it wasn't.
On fears that the Bank of Japan (the Asian country's central bank) is becoming more inclined to raise its key interest rates later this month -- a move that would surely affect the nation's crypto investors -- many sold out of coins and tokens on Monday. As of late afternoon that day, Ethereum had slid to barely over $2,800, from a perch of over $3,000 on Sunday before the Japan news broke.
Bitmine is nearly all-in on Ethereum. So, for the most part, where the crypto goes, so goes the stock. The only major event likely to reverse this in the coming days is if the U.S. Federal Reserve decides to cut rates at its meeting that begins next Tuesday, Dec. 9. I wouldn't necessarily count on that at this point, though, so Bitmine might be a stock best avoided these days.
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Eric Volkman has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
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