BitMine stock falls as spot Ethereum ETF outflows continue

BitMine stock remained under pressure as spot Ethereum exchange-traded funds continued to record net capital outflows and Ether traded near $2,300. The Market Periodical reported that BMNR closed at $22.05 on October 28, 2026, dropping substantially from its September peak. [1]

Data cited by The Market Periodical shows United States spot Ethereum ETFs lost over $21.4 million in outflows on Wednesday, following net losses of $60 million on Tuesday and $88 million on Monday. Technical indicators indicate that BMNR stock faces the possibility of another retreat toward the $20 level. [1]

The persistent decline in institutional funds has drawn increased scrutiny to BitMine's cryptocurrency treasury holdings and staking revenue. BitMine remains the largest corporate holder of Ethereum, as American investors continue selling their holdings. [1]

As FTMQ Crypto reported earlier, BitMine Immersion Technologies recently acquired 10,452 ETH to bring its total treasury to 6,051,933 ETH. That corporate treasury was valued at $14.26 billion when Ether traded at $2,356 per token, even as weekly ETF outflows topped $220.7 million. [1][5]