BMNR Stock Outlook as Bitmine Hits Historic $10B Unrealized Loss

Bitmine (NYSE: BMNR) stock has fallen to $14, its lowest price in a year, as the company’s unrealized losses on its Ethereum holdings approach $10 billion. This decline comes ahead of a potential listing of BMNR shares on the Russell 1000 index on June 26.

The drop is part of a broader downturn in crypto-related stocks amid bearish market sentiment. Strategy (NASDAQ: MSTR) fell 9% on June 24 to close at $94, while Coinbase (NASDAQ: COIN) closed at $150 after a 5% decline.

BMNR’s 9% drop on June 24 pushed it to $14, its lowest since June 2025. The decline followed Ethereum’s move to $1,500 on the same day, increasing Bitmine’s unrealized loss on its ETH holdings to $9.8 billion, according to DropsTab data. The value of Bitmine’s Ethereum holdings has dropped by $2.5 billion since May 25, despite the company purchasing an additional 282,552 ETH in June, including a 52,203 ETH buy on June 22. These purchases have not helped ETH or BMNR stock prices recover, with BMNR’s one-month loss on its Ethereum holdings reaching $567 million.

These losses occur before the Russell 1000 index reconstitution on June 26, an event investors are watching because Bitmine’s chairman, Tom Lee, had suggested BMNR might be included in the index.

Bitmine’s BMNP preferred stock, which began trading on the NYSE on June 16, has also been affected. BMNP closed at $84 on June 24 after briefly touching a record low of $83 during the day. This drop mirrors a similar decline in Strategy’s STRC preferred stock, which fell to $79 on June 24 for the first time, contributing to MSTR’s fall below $100.

From a technical perspective, BMNR stock dropped below the $16 support level on June 24 for the first time since June 2025. The stock may move lower to test the psychological support of $10 if buyers do not enter at the current $14 price. The June 2025 low of $6.80 is also possible if the $10 level fails to attract buyers. The Relative Strength Index (RSI) reading of 35 indicates bearish momentum, suggesting bears could pull the price to $10. However, the green Awesome Oscillator (AO) bars, despite being negative, suggest that bears may be losing their grip, potentially allowing BMNR to reclaim the $16 support level.

Source: https://coingape.com/markets/bmnr-stock-outlook-as-bitmine-hits-historic-10b-unrealized-loss/