Bitmine Immersion Technologies Inc. (NYSE:BMNR) shares moved lower in Thursday’s premarket trading, tracking a broader risk-off tone across markets. Nasdaq futures fell 1.89%, while S&P 500 futures declined 1.49%.

Geopolitical Strain Weights on Crypto

Leading cryptocurrencies fell Wednesday evening after President Donald Trump stated the U.S. military campaign against Iran will continue. Trump noted the campaign persists until objectives are “fully achieved.”

Following the address, Ethereum (CRYPTO: ETH) pulled back below the $2,100 level, according to data from CoinMarketCap.

Massive Treasury Exposure

The volatility directly impacts Bitmine’s significant balance sheet. As of March 29, Bitmine held 4,732,082 ETH tokens. This represents 3.92% of the total Ethereum circulating supply.

Chairman Tom Lee recently called crypto a “good wartime store of value” despite the current market retracement.

Staking Revenue and Targets

Bitmine is pursuing its “Alchemy of 5%” goal to acquire 5% of all ETH. The company has staked 3,142,643 ETH, generating $177 million in annualized staking revenue. “As the Iran war enters its 5th week, ETH and crypto outperformed the broader market,” Lee previously noted.

Technical Analysis

At $18.67, the stock is trading 9.2% below its 20-day simple moving average (SMA), the stock’s average price over the last 20 sessions. It’s also trading 30.9% below its 100-day SMA.

The 20-day SMA is below the 50-day SMA, and the death cross in January (50-day SMA below the 200-day SMA) points to a longer-term downtrend that hasn’t fully reset.

The moving average convergence divergence (MACD), a trend/momentum measure, is bearish with the MACD at -0.6449 below the signal line at -0.5547.

On a longer lens, the stock is up 173.47% over the past 12 months. Even after that big run, BMNR is far below its $161.00 52-week high and much closer to the lower end of its $3.92–$161.00 range.

  • Key Resistance: $22.00
  • Key Support: $18.50

BMNR Stock Price Activity: BitMine Immersion shares were down 5.03% at $18.70 during premarket trading on Thursday, according to Benzinga Pro data.

Photo by PJ McDonnell via Shutterstock