Large market participants are selling Bitcoin, Ether, and XRP, due to global macro tightening and weakening buyer demand. BitMine Immersion Technologies holds nearly 4 million ETH, $38 million in Bitcoin, $1 billion in cash, and a $13.2 billion-$13.3 billion valuation. The stock’s value is closely tied to its crypto holdings and market capitalization.

BitMine’s valuation includes assets like ETH, BTC, cash, equity stakes, and liabilities. With updated accounting standards, crypto assets are now measured at fair value, impacting reported earnings. BMNR’s stock acts as a proxy for ETH exposure, but is influenced by factors like share dilution, financing, and disclosure risk.

BMNR’s stock reflects ETH price movements, but is also impacted by share dilution, financing, and liabilities. It attracts capital seeking ETH exposure through public markets, but does not represent onchain demand or a clean price signal for Ether. The stock highlights how ETH is integrated into traditional equity structures.

Read more at Cointelegraph: What BitMine’s 4M ETH Treasury Means for Its Stock