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BitMine and MicroStrategy shares remain under pressure as Bitcoin and Ethereum retreat, leaving crypto-related stocks vulnerable ahead of a key U.S. market-structure vote.
Written by:
Skerdian Meta•Tuesday, September 15, 2026•2 min read
•Last updated: Tuesday, September 15, 2026
Quick overview
- BitMine and MicroStrategy shares are under pressure as Bitcoin and Ethereum prices decline, impacting crypto-related stocks ahead of a key U.S. market-structure vote.
- BitMine continues to expand its Ethereum holdings, with significant investments and staking operations, but remains vulnerable to fluctuations in cryptocurrency prices.
- Both BMNR and MSTR have fallen below key technical support levels, raising concerns about further downside if the cryptocurrency market does not stabilize.
- The upcoming CLARITY Act vote could influence the future of crypto-related stocks, with potential for recovery or prolonged uncertainty depending on the outcome.
BitMine Stock Falls as Crypto Market Weakens
BitMine Immersion Technologies (NYSE: BMNR) and MicroStrategy (MSTR) edged lower Tuesday as the broader cryptocurrency market weakened. Bitcoin fell toward $75,000, while Ethereum dropped about 5% over 24 hours to roughly $2,376. BMNR had already plunged more than 10% Monday, adding to concerns about the stock’s ability to sustain its powerful rally.
The weakness also came as broader markets moved lower, with Nasdaq futures declining 0.65% and S&P 500 futures falling about 0.5%.
BitMine operates as an Ethereum treasury company, making its valuation highly sensitive to movements in ETH. That exposure has helped drive its explosive growth, but it also leaves the stock vulnerable when cryptocurrency prices reverse.
BitMine Nears Its 5% Ethereum Target
Despite the recent weakness, BitMine continues to aggressively expand its Ethereum holdings. As of Sept. 13, the company held 5,956,378 ETH, valued at approximately $2,513 per token.
Its total crypto, cash, marketable securities and other investments reached $15.8 billion, while its Ethereum holdings represented about 4.9% of the cryptocurrency’s total supply of roughly 122 million tokens.
BitMine purchased another 27,180 ETH during the past week. Chairman Thomas “Tom” Lee said the company has purchased Ethereum every week since launching its treasury strategy on June 30, 2025.
The company also held 212 Bitcoin, $549 million in cash and marketable securities, a $180 million stake in Beast Industries and a $98 million investment in Eightco Holdings.
Staking Adds Another Revenue Stream
BitMine had 5.07 million ETH staked as of Sept. 7, representing about 85% of its Ethereum holdings. At $2,513 per token, those assets were worth roughly $12.7 billion.
The company estimates annualized staking revenue of approximately $334 million, while its staking operations generated an annualized seven-day yield of 2.62%.
Its Made in America Validator Network is designed to support BitMine’s treasury while also providing infrastructure for institutional investors, custodians and other partners.
However, staking revenue does not eliminate the company’s underlying exposure to Ethereum prices. A sustained decline in ETH could reduce the value of its treasury and potentially increase pressure on BMNR shares.
BMNR and MSTR Face Key Technical Levels
BitMine remains above the $2,000 level but has fallen below key moving averages that previously acted as support on the weekly chart. Their failure to hold has weakened the technical structure and raises the possibility of further downside if cryptocurrency prices continue falling.
MSTR Chart Weekly
MSTR has also failed to reclaim its 200-week SMA and has slipped lower over the past two weeks. The retreat remains relatively contained, but buyers may struggle to regain control unless Bitcoin and Ethereum stabilize.
CLARITY Act Could Decide the Next Move
The cryptocurrency market is now closely watching the CLARITY Act. Senate Banking Committee Chairman Tim Scott has warned that Democratic opposition could jeopardize U.S. leadership in digital assets, arguing that without market-structure legislation, the crypto market remains the “wild, wild West.”
The Senate is scheduled to hold a procedural cloture vote on Sept. 15 at approximately 2:15 p.m. ET. The vote would not represent final passage, but it could allow negotiations over digital-asset market structure to continue.
A favorable legislative development could revive demand for crypto-related stocks, but failure to advance the bill could prolong uncertainty.
For BMNR and MSTR, the setup remains highly dependent on both cryptocurrency prices and regulatory progress. Until Bitcoin and Ethereum regain momentum, recent technical breakdowns leave both stocks exposed to another leg lower.
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ABOUT THE AUTHOR
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank’s local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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