BitMine Immersion Technologies Expands Ethereum Holdings Amid Stock Price Decline

BitMine Immersion Technologies has significantly increased its Ethereum holdings by purchasing 35,000 ETH, bringing its total to 4.371 million ETH valued at $9.6 billion. According to NS3.AI, despite this aggressive accumulation, BitMine's stock price has dropped over 8% since mid-February. This decline is largely attributed to its growing correlation with bearish Ethereum price trends. While retail investors are showing increased buying interest, institutional participation remains cautious. This suggests that BitMine's stock price is closely tied to Ethereum's performance rather than independent company fundamentals.