BitMine (BMNR) Faces Cost-Basis Risk — Break Below $17 Could Open $11

BitMine Immersion Technologies is entering a high-risk phase as paper losses on its Ethereum holdings deepen. The company’s total invested capital stood at nearly $15 billion while the current portfolio value dropped to about $7.7 billion, leaving nearly 49% of its investment value wiped out on paper.

Ethereum trades near $1,950 while BitMine’s realized cost basis sits around $3,850, leaving most holdings deeply underwater. Technical indicators add to the pressure. Between November 18 and February 9, BMNR formed lower highs while the Relative Strength Index made higher highs, a hidden bearish divergence.

A nearly 26% rebound failed to hold, and Chaikin Money Flow remained below zero and below its falling trendline during the rally, signaling weak big‑money support. Moving averages raise further warning signs: the 100‑day EMA is approaching the 200‑day EMA, and an earlier bearish crossover on January 27, when the 50‑day EMA fell below the 200‑day EMA, was followed by a drop of over 44%.

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