Introduction
Shares of two major cryptocurrency-focused corporations, BitMine Immersion Technologies and Strategy, plummeted nearly 10% on Thursday, mirroring a sharp sell-off in the digital assets they hold. The declines for BMNR and MSTR stocks came as Bitcoin and Ethereum prices slumped to their lowest levels in months, with investor sentiment rattled by fears of a U.S. government shutdown and broader market volatility. Both companies, having recently made significant crypto purchases, now face amplified exposure to the downturn.
Key Points
- BitMine holds $11.9 billion in Ethereum (3.5% of total supply) after four major purchases in 2026, including a $116 million buy this week.
- Strategy added $267 million worth of Bitcoin last week, bringing its total holdings to 712,647 BTC valued at approximately $60 billion.
- The sell-off was triggered by the U.S. Senate blocking a bill to avoid a government shutdown and a plunge in Microsoft's stock fueling AI bubble fears.
A Dual Market Rout: Stocks and Crypto Tumble in Tandem
The trading session on Thursday delivered a one-two punch to investors in crypto-correlated equities. BitMine Immersion Technologies, trading under the ticker BMNR on the NASDAQ, saw its shares shed nearly 10%, closing at $26.70 after dipping as low as $26.02—a level not seen since early November 2025. In a parallel move, shares of Strategy, ticker MSTR, also fell by nearly 10% to $143.19, hitting a low of $139.36, its lowest price since September 2024. This synchronized decline was a direct reflection of the underlying crypto markets, where Bitcoin fell over 5% to trade around $84,416 and Ethereum slid 6.6% to $2,816, according to data from price aggregator CoinGecko.
The sell-off underscores the heightened sensitivity of these companies’ stock prices to cryptocurrency volatility. Both firms have built massive treasuries in their digital assets of choice, making their market valuations intrinsically linked to the price swings of Bitcoin and Ethereum. The day’s losses effectively wiped out a portion of the value of their recent, aggressive acquisitions, highlighting the double-edged sword of their corporate strategies.
Heavy Bets: Examining the Massive Crypto Treasuries
The scale of the exposure for both BitMine and Strategy is staggering. Led by Tom Lee, BitMine has been on an Ethereum acquisition spree in 2026. This week alone, the company made its largest purchase of the year, acquiring $116 million worth of ETH. It follows three other major buys earlier in the year for $108 million, $76 million, and $100 million. According to a tracker maintained by CoinGecko, BitMine now holds approximately $11.9 billion in Ethereum, representing about 3.5% of the cryptocurrency’s total supply.
On the Bitcoin side, Strategy, co-founded by outspoken chairman Michael Saylor, continues to double down on its flagship asset. The company announced just last week that it spent $267 million to add more Bitcoin to its treasury. Strategy now holds 712,647 BTC, which at current prices is valued at approximately $60 billion. These colossal holdings mean that even modest percentage moves in crypto prices translate into billions of dollars in paper gains or losses for these firms, directly impacting investor perception and stock performance.
The Catalysts: Government Shutdown Fears and Tech Worries
The immediate triggers for Thursday’s market anxiety extended beyond the crypto ecosystem. A significant factor was political uncertainty in Washington, D.C. The U.S. Senate blocked a continuing resolution in the afternoon that would have averted a partial government shutdown, giving lawmakers only until Saturday to strike a deal. Such fiscal standoffs historically inject volatility into risk assets, including technology stocks and cryptocurrencies, as investors seek safety.
Compounding the negative sentiment was turbulence in the traditional tech sector. A sharp plunge in Microsoft’s stock price fueled lingering fears among investors about a potential bubble in artificial intelligence (AI) stocks. This broader sell-off in a key tech bellwether contributed to a risk-off mood that spilled over into crypto markets. The confluence of these events—political brinkmanship and sector-specific worries—created a perfect storm that drove Bitcoin to a two-month low and pressured Ethereum even more severely.
Market Sentiment and the Road Ahead
The rocky price action has significantly darkened short-term market sentiment. On the prediction market platform Myriad, owned by Decrypt parent company Dastan, users have dramatically increased the odds that Ethereum will fall to $2,500 before it can climb back to the $4,000 level. On Thursday, the probability of this downward move jumped from 65% to over 75%, reflecting growing pessimism.
For Bitcoin, the current price remains above a recent low hit in late November, when a billionaire’s sale of a $1.3 billion stash briefly pushed it below $83,000. However, the renewed pressure from macro concerns poses a fresh test. For BitMine and Strategy, the path forward is inextricably tied to the recovery of their core holdings. Their recent stock performance serves as a stark reminder that for companies betting their balance sheets on cryptocurrency, periods of market stress will be magnified in their share prices, testing the conviction of both management and investors alike.
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