BitMine and Strategy Stocks Plummet as Crypto Markets Sink
By John Nada·Jan 29, 2026·2 min read
BitMine and Strategy stocks fell nearly 10% as Bitcoin and Ethereum plunged amid government shutdown fears. This market instability raises concerns for investors.
BitMine and Strategy stocks both dropped nearly 10% on Thursday amid concerns over a potential government shutdown. BitMine holds $11.9 billion in Ethereum, while Strategy possesses about $60 billion in Bitcoin. Bitcoin hit a two-month low, and Ethereum experienced an even larger daily percentage dip.
After the markets closed on Thursday, BitMine, trading under the BMNR ticker, had fallen to $26.70, matching its November 2, 2025 close. Earlier in the week, BitMine made a significant purchase of $116 million worth of ETH, bringing its total Ethereum holdings to about $11.9 billion, or 3.5% of the total supply, according to a tracker maintained by price aggregator CoinGecko. Meanwhile, Strategy's shares also declined, reaching a low not seen in over a year. Its shares fell to $143.19, with Thursday's low of $139.36 marking the lowest price for MSTR since September 2024, as reported by Yahoo Finance.
The declines in both equities and crypto markets occurred amid signs of potential turmoil, with the U.S. Senate blocking a continuing resolution that could prevent a partial government shutdown. This situation adds to existing investor anxiety, especially following a plunge in Microsoft's stock, which has raised fears of an AI bubble.
Bitcoin dropped more than 5% during the day, trading at $84,416 after a brief recovery. Ethereum slid to $2,816, trading 6.6% lower than the previous day, according to CoinGecko. The fluctuating prices have led users on Myriad, a prediction market platform, to increase odds that Ethereum will hit $2,500 before recovering to $4,000.
The current market instability highlights the fragility of investor confidence amidst external pressures, making it a critical time for both crypto and equity markets.