BitMine Immersion Technologies Inc. (BMNR) saw its shares drop sharply by 5.02% during Thursday's trading session, underperforming the broader market.
The decline aligns with a sector-wide slump in crypto-related stocks, with major players like Coinbase and Riot Platforms also falling. The crypto market faced pressure as DeFi stocks dropped 10%, and other crypto firms like Circle and Bullish declined 5%.
BitMine's announcement of a $200 million equity investment in Beast Industries, a content platform founded by MrBeast, may have added to investor uncertainty. The deal is expected to close later this week.
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