Bitmine Stock Slides 51% Despite 96% Progress on 5% ETH Target

Bitmine Immersion Technologies (BMNR) is under pressure on July 13 despite holding 5.77 million ETH, or 4.8% of total supply and 96% of its 5% accumulation goal. The stock has fallen 51% in the first half of 2026 and trades near 52-week lows at $14.49, well below the implied value of its $11.3 billion in crypto and cash holdings. Ethereum’s 40% year-to-date drop to around $1,770, combined with Bitmine’s high $3,997 average cost basis and heavy share dilution, continues to drive investor concern over the leveraged ETH bet.