BMNR Stock Slips After Bitmine Buys Ethereum Dip – Retail Demands 'HYPE-PURR-Style' Rally

Bitmine announced a fresh purchase of more than 26,000 Ethereum tokens on Monday.

• Bitmine now holds approximately 5.42 million Ethereum, representing about 4.49% of Ethereum's total supply.
• BMNR’s stock fell amid weakness in Ethereum’s price and added pressure on the cryptocurrency market after Michael Saylor’s Strategy sold some of its Bitcoin.
• Retail traders on Stocktwits expressed frustration that BMNR has not followed the strong stock performance seen in Hyperliquid Strategies.

Bitmine Immersion Technologies (BMNR) announced a fresh buy of over 26,000 Ethereum (ETH) tokens on Monday morning, but the stock continued to slip lower amid weakness in the leading altcoins price.

BMNR’s stock fell as much as 2.6% in pre-market trade and was among the top trending tickers on Stocktwits at the time of writing. Retail sentiment on the platform around the Ethereum digital asset treasury (DAT) trended in ‘neutral’ territory over the past day.

Retail traders on the platform expressed their frustration with BMNR shares dropping, despite strength in the broader equity market, asking for a rally similar to Hyperliquid Strategies (PURR). 

PURR’s stock was on track to breach another record high in pre-market trade after Hyperliquid’s native token (HYPE) hit an all-time high of over $74 and flipped Dogecoin (DOGE) to enter the top 10 cryptocurrencies by market capitalization.