BitMine Shares Tumble After Earnings as Ethereum Price Falls, Treasury Hype Fades
BitMine Immersion Technologies, the largest corporate holder of Ethereum, reported $328 million in full-year income on Friday while declaring its first dividend, but its share price fell amid concerns about digital asset treasury strategies and ETH’s recent price drop.
The company that owns $9.6 billion worth of Ethereum plans to pay common stockholders a dividend of one cent per share next month, according to an SEC filing. BitMine said the move “reflects the company’s commitment to create shareholder value.”
BitMine shares recently changed hands around $24.65, a 5.3% decrease on the day, according to Yahoo Finance. The company’s stock price has plunged 52% over the past month, as many crypto treasury firms have been…
