BitMine and Strategy stocks plunge as Bitcoin, Ethereum plummet

Shares of two major digital asset treasury companies, BitMine and Strategy, fell nearly 10% in Thursday’s session, amid market uncertainty and concerns about the risk of a partial U.S. government shutdown.

BitMine Immersion Technologies (Nasdaq: BMNR) closed the session at $26.70, down nearly 10%, at one point hitting an intraday low of $26.02 — the same low in early November 2025. Earlier this week, the company continued to expand its Ethereum treasury with the purchase of $116 million of ETH. Since the beginning of the year, BitMine has made three other purchases worth $108 million, $76 million, and $100 million. The total holdings are currently around $11.9 billion in ETH, or about 3.5% of the circulating supply.

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Meanwhile, Strategy (MSTR) also saw the stock fall by nearly 10%, closing at $143.19. The session low was $139.36 — the lowest since September 2024. The company co-founded by Michael Saylor has just announced that it has spent an additional $267 million to buy Bitcoin in the past week. Strategy currently holds 712,647 BTC, worth approximately $60 billion at market price.

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The decline took place simultaneously in both the stock market and digital assets. The U.S. Senate has blocked a temporary budget bill, raising the risk of a partial government shutdown if lawmakers don’t reach an agreement by the end of the week. Besides, the sharp decline of big tech stocks also raised concerns about the AI bubble.

Bitcoin fell more than 5% on the day, at one point falling to $83,407 before recovering slightly to around $84,416. Ethereum was under even greater pressure, falling to $2,816, which is about 6.6% lower than a day ago.

The sharp volatility makes market sentiment more cautious, with many investors leaning towards the Ethereum price scenario that could continue to correct deeply before recovering again.