BitMine Immersion Technologies (BMNR) was trading at approximately $19.26, down about 10% and currently trading near $17.33. The main question to consider is whether it will break its support level of $17 in the immediate future.
Bitmine Immersion Technologies (BMNR) stock fell nearly 25% in just five days, accumulating a decline of over 33% in the last month from levels near $22.35. In the short term, it is estimated that it could reach $19, although in some more pessimistic scenarios it is projected to fall to $16.71, and in the worst-case scenario, it could reach $9.87.
Analysts have pointed to a hidden bearish divergence between the price and the RSI, along with a negative Chaikin Money Flow, signals that are usually associated with a loss of momentum and capital outflows. In this context, the prevailing interpretation is that some institutional shareholders have reduced their exposure, increasing selling pressure in recent weeks.
Faced with this scenario, Tom Lee, president of BitMine, defended the company’s strategy with a clear message: “These declines are a characteristic, not a mistake.” According to his view, the model is designed to accumulate during periods of weakness and anticipates a V-shaped recovery for ether. Lee has reiterated ambitious targets for ETH in 2026 and maintains that the current weakness represents an opportunity, not a sign of capitulation.
ETH exposure and mixed scenarios for BMNR
The central point of debate, however, is BitMine’s heavy exposure to ether. Analyst estimates place the average acquisition cost between $3,800 and $4,000 per ETH. However, the gap between the acquisition cost and the current value implies unrealized losses estimated in the range of $6.4 billion to $8 billion, approximately a 49% paper depreciation on that balance sheet component.
Furthermore, the firm has accumulated close to 3.58% of the circulating ETH supply. This concentration acts as a double-edged sword: in a strong rebound, it amplifies the upside potential; But in an environment of prolonged weakness, the decline deepens. This dynamic helps explain the divergence between optimistic analyses, with median price targets near $43 and highs around $47.
Looking ahead, the scenario appears quite binary. If the $17 support level holds and ETH begins a recovery that reduces unrealized losses, BMNR could stabilize and even rebound strongly. Conversely, a clear break below that level could trigger a new adjustment phase, forcing the market to recalibrate its valuation based on the risk concentrated in ether.
