Shares of Bitmine Immersion Technologies (BMNR), the ether
ETH$2,782.62
The selloff comes on the heels of Bitmine closing a $250 million funding round and securing an at-the-market
ATM$1.0085
The decline follows a parabolic run for Bitmine, which had surged 3,000% after announcing an Ethereum-focused treasury strategy and naming Fundstrat’s Tom Lee as chairman of the board.
However, CoinDesk last week reported that the price action could mirror a similar arc seen with Sharplink Gaming (SBET), another ETH treasury play, whose stock skyrocketed then plunged 90% after early investors began selling.
BMNR is down 65% since the report.
Read more: Tom Lee's Bitmine Surges 3,000% Since ETH Treasury Strategy, but Sharplink's Plunge Warrants Caution