Bitmine (BMNR) Tumbles 6.9% on Profit-Taking

Core Insights - Bitmine Immersion Technologies, Inc. (BMNR) experienced a significant drop in share price, falling by 6.91% to close at $52.92 as investors engaged in profit-taking after previous gains [1] - The company recently acquired 202,037 Ethereum (ETH) tokens, increasing its total ETH holdings to over 3 million, which represents approximately 2.5% of the total ETH supply [2] - Bitmine aims to reach its goal of holding 5% of the total ETH supply, indicating a strategic long-term investment approach in the cryptocurrency market [3] Financial Position - In addition to its Ethereum holdings, Bitmine holds 192 Bitcoins, a $135 million stake in Eightco Holdings, and $104 million in unencumbered cash [4] - Bitmine is recognized as the largest holder of Ethereum tokens and the second largest cryptocurrency treasury holder, following Strategy Inc. [4]