Ethereum-focused treasury firm BitMine Immersion Technologies (NYSE American: BMNR) shares fell 7.14% to $24.33 in U.S. trading Wednesday as Ethereum declined nearly 6% and the company’s chairman said BitMine will not acquire more than 5% of Ethereum’s total supply.
According to data from Yahoo Finance (on October 7 at 3:06 p.m. UTC), BMNR opened at $24.95 after closing Tuesday at $26.20 and traded between $24.30 and $25.18. Trading volume reached about 13.08 million shares, below its average volume of 38.2 million.
Ethereum traded at $2,561.23, down 5.9% over 24 hours, with its market capitalization at about $312.63 billion, according to data from CoinGecko (on October 7 at 3:06 p.m. UTC).
The decline in BMNR came as a broader group of crypto-linked stocks moved lower. Earlier in the trading day (1:46 p.m. UTC), Strategy (NASDAQ: MSTR) fell 5.70% to $155.18, American Bitcoin (NASDAQ: ABTC) declined 4.62% to $8.06, and Circle Internet Group (NYSE: CRCL) dropped 4.60% to $80.26. Coinbase Global (NASDAQ: COIN) fell 4.07% to $178.18, while Robinhood Markets (NASDAQ: HOOD) declined 3.17% to $108.46. BMNR was also down 5.34% at $24.80, before selling pressure deepened toward the 3:06 p.m. mark ($24.33).
BitMine sets 5% ceiling on Ethereum holdings
BitMine chairman Tom Lee said at TOKEN2049 on October 7 that the company will not acquire more than 5% of Ethereum’s total supply, describing the threshold as a hard cap. The statement came after BitMine reported holding approximately 6.02 million ETH, equivalent to about 4.9% of Ethereum’s total supply, as of October 5.
The new ceiling limits the amount of additional ETH BitMine can accumulate under its current treasury strategy. The company would need to remain below the stated threshold as its holdings and Ethereum’s total supply change.
ETH falls nearly 6% in 24 Hours
According to data from CoinGecko (on October 7 at 3:06 p.m. UTC), Ethereum fell from its 24-hour high of $2,723.16 to as low as $2,554.67 before trading near $2,561. The cryptocurrency recorded about $18.73 billion in 24-hour trading volume, while perpetual futures open interest stood at approximately $47.57 billion. Ethereum’s circulating and total supply was about 122.11 million ETH.
The decline in ETH came as BitMine shares moved lower, leaving the company’s stock below its previous close and near the lower end of Wednesday’s trading range.
BMNR remains below Tuesday’s close
According to data from Yahoo Finance (on October 7 at 3:06 p.m. UTC), BMNR’s decline followed a lower opening and extended the stock’s retreat during the morning session. The shares traded as low as $24.30, close to the session’s opening range, before recovering slightly. At $24.33, BMNR was down $1.87 from its previous close.
The stock’s 52-week range is $12.80 to $61.01, while its intraday market capitalization was approximately $14.68 billion.
BitMine’s ETH treasury nears the new limit
BitMine’s latest reported ETH balance puts its holdings close to the 5% ceiling announced by Lee. At approximately 6.02 million ETH, the company’s reported holdings represented about 4.9% of Ethereum’s total supply. That leaves relatively limited room for additional purchases before reaching the stated cap, although the exact amount would depend on changes in Ethereum’s total supply and BitMine’s holdings.
The company has built its treasury around Ethereum, making the size and composition of its ETH holdings a central part of its reported digital-asset position.
While market correlation does not imply direct causation, BMNR’s drop reflects broader volatility across crypto treasury equities as markets react to both digital asset price pullbacks and ceiling constraints on treasury accumulation strategies.
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