BitMine Immersion Technologies, Inc. BMNR shares slipped lower in Wednesday’s after-hours trading, even as high-profile investors continued to pour millions into the company.
BMNR is feeling the pressure from bearish momentum. See the trading setup here.
BMNR Dips But Cathie Wood Is Buying It
BMNR stock was down 2.22% after-hours, coinciding with a pullback in Ethereum ETH/USD, its primary reserve asset. The stock tumbled in regular trading hours as well.
Institutional investors heavily bought the dip, with Cathie Wood pouring approximately $15.6 million into the stock through her Ark Fintech Innovation ETF ARKF, ARK Innovation ETF ARKK and ARK Next Generation Internet ARKW.
See Also: Ethereum To Hit $7,500 By End Of 2025: Standard Chartered
BitMine Leads ETH Accumulation
BitMine, under the leadership of leading Wall Street analyst Tom Lee, has become the largest Ethereum treasury company and the world’s second-largest cryptocurrency treasury, with a stash of 1,713,899 ETH, valued at $7.77 billion. Over 50% of the holdings have been acquired in the last month.
Noted cryptocurrency analyst Willy Woo credited BitMine as the major factor in capital moving from Bitcoin BTC/USD to Ethereum in recent weeks.
Interestingly, the stock has outperformed Ethereum during the last month. While ETH has risen about 20%, BMNR has increased by 31% in the same time.
Price Action: At the time of writing, ETH was exchanging hands at $4,548.41, down 1.98% over the last 24 hours, according to data from Benzinga Pro. BitMine shares closed 7.85% higher at $46.03 during Wednesday’s regular trading session.
As of this writing, the stock demonstrated a very high Momentum score. Visit Benzinga Edge Stock Rankings to see how it compares against other emerging ETH treasury companies.
Photo Courtesy: Zakharchuk on Shutterstock.com
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