Bitmine Immersion Technologies Inc (AMEX: BMNR) shares dropped on Tuesday afternoon as investors weighed strong buying activity against growing concerns from critics. The company has caught attention for its aggressive move to accumulate Ethereum (ETH), making it a hot topic in the crypto and stock market spaces.

Here’s What Happened: Bitmine recently revealed it bought another 202,000 ETH during a recent dip in the crypto market. This big purchase brings the company’s total Ethereum holdings to over 3 million ETH, making Bitmine the largest corporate holder of Ethereum in the world. Its total crypto and cash assets are now worth more than $13 billion. Bitmine is aiming to eventually hold 5% of all ETH in circulation, and this move puts them over halfway toward that goal.

However, not everyone is convinced this is a smart long-term play. Investment firm Kerrisdale Capital released a short-seller report raising red flags. They questioned whether Bitmine’s strategy — especially using stock sales to fund these crypto buys — is sustainable. The report also mentioned that constant share dilution could wear out investor confidence.

The timing of this skepticism lines up with a broader dip in the crypto market. On Tuesday, Ethereum was down nearly 1%, while Bitcoin dropped more than 1.5% and is down about 7% over the past week. This broader decline may also be pushing Bitmine’s stock price lower.

Despite the recent drop, some technical indicators still show strength in BMNR’s stock performance. According to Benzinga Edge tools, the stock is trending positively across short, medium, and long-term timelines.

Price Check: As of Tuesday, Bitmine shares were down about 4.15%, trading at $54.52. The stock has seen huge swings this year, ranging between $1.92 and $161.00. It’s currently sitting above its 50-day moving average of $51.37 — a bullish signal — and well above its 100-day average of $43.10, suggesting ongoing upward momentum.

Investors are watching key levels closely. Support may be found near the 50-day moving average, while resistance could appear around the recent highs at $54.76.

Thinking About Buying BMNR?

If you’re considering investing in Bitmine Immersion Technologies (BMNR), you can buy shares through most online brokerages. Many platforms also offer fractional shares, so you don’t need to buy a full share to get started.

Want to bet against the stock? That’s a bit more complicated. You’ll need an account that allows for short selling or options trading. You can short the stock by borrowing shares to sell now and buying them back later at a lower price. Or, if you have access to options trading, you can buy a put option or sell a call option to potentially profit if the stock price drops.

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