BMNR Stock Outlook as Bitmine Hits Historic $10B Unrealized Loss Ahead of Potential Russell 1000 Listing

Bitmine (NYSE: BMNR) stock price has dropped to $14 as the company’s unrealized losses on its Ethereum holdings reach $10 billion ahead of a potential listing of the BMNR shares on the Russell 1000 index on June 26.

But BMNR’s drop is not a unique case because all crypto stocks have been dropping because of the bearish sentiment across the broader crypto market. Strategy (NASDAQ: MSTR) dropped by 9% on June 24 and closed trading at $94, while Coinbase (NASDAQ: COIN) closed trading at $150 after a 5% drop.

BMNR Stock Crashes as Unrealized Losses Hit $10B

The 9% drop seen in the BMNR stock price on June 24 has pushed it to its lowest price since June 2025 of $14.

The BMNR shares dropped after Ethereum moved to $1,500 on June 24, a move that increased Bitmine’s unrealized loss on the ETH it holds to $9.8 billion per data from DropsTab.

The value of Bitmine’s Ethereum holdings has also dropped by $2.5 billion since May 25, despite the company buying another 282,552 ETH in June alone, with the most recent purchase of 52,203 ETH taking place on June 22.

But these buys have not helped ETH or BMNR stock prices to recover, with BMNR’s one-month loss on its Ethereum holdings reaching $567 million.

These losses are also coming before the Russell 1000 index is reconstituted on June 26, an event that investors are watching because Bitmine’s chairman, Tom Lee, had said BMNR might be included in the index.

Bitmine’s BMNP Preferred Stock Mirrors STRC’s Crash

The BMNP preferred stock by Bitmine started trading at the NYSE on June 16, but the bearish sentiment in the crypto market continues pushing it below the $100 par value.

BMNP closed trading at $84 on June 24, but it had briefly touched a record low of $83 during the day.

The drop comes as a similar STRC preferred stock offered by Strategy dropped to $79 on June 24 for the first time, and this also pushed the MSTR stock price to below $100.

BMNR Stock Technical Outlook as Price Drops Below Critical Support

The BMNR stock price dropped below the support level of $16 on June 24 for the first time since June 2025.

The stock might move lower to test the psychological support of $10 if there are no buyers willing to enter at the current price of $14.

The June 2025 low of $6.80 is also in the cards, and the BMNR stock could drop to that price if the psychological support level of $10 also fails to attract buyers.

The RSI reading of 35 shows that the momentum is currently favoring bears, and they might pull the price of the MSTR stock to $10.

However, the AO bars that are green despite being on the negative side show that bears might be losing their grip, and the BMNR stick might reclaim the support level of $16.