Why Bitmine Immersion Stock Collapsed 51% In The First Half of 2026
Key Points
Bitmine Immersion now owns close to 5% of the Ethereum globally, but the price is down significantly year-to-date.
The company uses preferred stock and common share offerings to raise funds.
Shares will track Ethereum's price in the years ahead.
- 10 stocks we like better than Bitmine Immersion Technologies ›
Shares of Bitmine Immersion Technologies (NYSE: BMNR) sank 51% in the first half of 2026, according to data from S&P Global Market Intelligence. The company launched its new strategy of becoming an Ethereum treasury business last year, and it has already sent shares down 89% from all-time highs due to a collapsing Ethereum price.
Here's why Btimine Immersion stock is sinking so fast, and whether now is a good time to buy the dip on this potential cryptocurrency treasury disruptor.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Sinking price of Ethereum
Like Strategy (formerly MicroStrategy), Bitmine Immersion Technologies aims to be a large player in the cryptocurrency acquisition space. However, instead of Bitcoin, the company is aiming to buy up a large supply of the second-largest cryptocurrency by market cap: Ethereum. As of its latest update, the company had acquired 4.8% of the total Ethereum in circulation, worth $8.7 billion at this writing.
Combined with its cash holdings and moonshot cryptocurrency purchases, Bitmine's investments are worth $11.3 billion, according to its latest press release. The company has taken a beating, falling 89% from its highs, simply because the price of Ethereum has collapsed. The coin is currently trading around $1,770, down 40% year-to-date (YTD). Along with the premium closing to the value of its underlying assets, Bitmine stock sank 51% so far this year, generally following the price of Ethereum. It will continue to do so in the future.
The company did not use a cash-flowing business to acquire this Ethereum. Rather, it raises money through stock offerings and preferred stock. Shares outstanding are up 110% in the past year, allowing the business to buy more cryptocurrency while keeping its share price down.
Image source: Getty Images.
Should you buy the dip?
Buying Bitmine Immersion Technologies below $15 is entirely a bet on where you think the price of Ethereum is heading. In the last decade, many proponents have touted this new cryptocurrency network as the future of payments and online money transfers. However, compared to a few years ago, the hype on this technology seems to have worn off, with minimal real-world disruption.
The company is dead set on acquiring more cryptocurrencies for its balance sheet, but it lacks an underlying business to generate other sources of value, which means the stock price will simply track Ethereum's price over the long run. I cannot say with any certainty where Ethereum's price will be in 10 years, but if you can, now may be a good time to buy the dip. Or, you can simply buy the cryptocurrency outright yourself.
Should you buy stock in Bitmine Immersion Technologies right now?
Before you buy stock in Bitmine Immersion Technologies, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bitmine Immersion Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $395,679!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,294,805!*
Now, it’s worth noting Stock Advisor’s total average return is 929% — a market-crushing outperformance compared to 211% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of July 13, 2026.
Brett Schafer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Ethereum. The Motley Fool has a disclosure policy.
Recommended Articles
