Bitmine (BMNR) Drops 12.6% on Ethereum Fall

We recently published 10 Stocks Already Hurting in December. Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) is one of the top performers on Monday.

Bitmine saw its share prices decline by 12.62 percent on Monday to close at $28.94 apiece as investor sentiment was dampened by Ethereum’s drop in prices on the same day.

As of writing, Ethereum was down by 0.11 percent at $2,797.23 apiece, mirroring an overall market sentiment amid a selloff from the previous week’s rally.

Also on Monday, Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) announced that it raised anew its ownership in Ethereum through the acquisition of 96,798 additional ETH tokens last week, bringing its total ownership in the cryptocurrency to 3,726,499. Its holdings bear an average price of $3,008 apiece, based on Coinbase’s latest data.

Bitmine (BMNR) Drops 12.6% on Ethereum Fall

According to Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR), it has successfully achieved its target of owning at least 3 percent of the cryptocurrency’s total market supply.

Apart from Ethereum, Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) also owns 192 Bitcoins, and holds a $36 million stake in Eightco Holdings, which invests in Worldcoins.

“As we look ahead to December, the Fusaka upgrade, aka Fulu-Osaka, is scheduled for activation December 3rd and delivers an array of improvements in scalability, enhanced security, and usability. The Federal Reserve is taking several key steps in December including ending QT (quantitative tightening) and is expected to cut interest rates again on December 10th. We are now more than 7 weeks past the October 10th liquidation shock event, meaning the crypto market has found its bearings again,” said Chairman Thomas Lee.

“Collectively, we see these acting as positive tailwinds for ETH prices and thus, we stepped up our weekly purchases of ETH by 39 percent,” he noted.

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Disclosure: None. This article is originally published at Insider Monkey.