The cryptocurrency market faced significant turbulence recently as top players like Bitcoin and Ethereum hit notable lows, dragging down the stocks of major crypto-investing firms BitMine and Strategy. This sharp decline has left investors on edge amid broader market uncertainty and reports of a potential U.S. government shutdown.
What Happened to BitMine and Strategy Stocks?
Both BitMine, trading under the Nasdaq ticker BMNR, and Strategy, known for its Bitcoin-focused treasury, saw their stock prices plunge by nearly 10% this past Thursday. This marked a low for BitMine at $26.02, its lowest close since November 2025. Strategy shares, under the ticker MSTR, dropped to $143.19, a steep fall not seen since September 2024. Both companies are significant players in their respective crypto ecosystems, making these dips alarming for investors.
Inside the Numbers: Bitcoin and Ethereum Declines
Bitcoin hit a two-month low of $83,407 on Thursday before recovering slightly to $84,416. Meanwhile, Ethereum experienced a sharper drop, trading at $2,816, a 6.6% decrease in 24 hours. According to prediction market platform Myriad, the likelihood of Ethereum falling to $2,500 before rebounding to $4,000 surged to over 75% during the price volatility.
BitMine and Its Strategic Investments
As of this week, BitMine’s treasury holds approximately $11.9 billion worth of Ethereum, amounting to 3.5% of the total ETH supply. The company’s strategy includes consistent purchases of Ethereum, with its latest acquisition worth $116 million being the largest so far in 2026. The move is geared toward securing a dominant position in the Ethereum market despite recent challenges.
Strategy and Its Bitcoin Holdings
Strategy, co-founded by Bitcoin bull Michael Saylor, continued to strengthen its position by adding $267 million worth of Bitcoin to its treasury last week. The company now holds 712,647 BTC, valued at approximately $60 billion at current market prices. However, Thursday’s losses underscore the volatility affecting even Bitcoin-loyal firms.
Factors Driving the Downturn
The recent plunge in crypto prices came amid a deadlock in the U.S. Senate regarding a resolution to prevent a partial government shutdown. Uncertainty in macroeconomic conditions added further pressure on the markets. Additionally, Microsoft’s stock drop raised fears of an AI bubble bursting, contributing to investor caution across tech and crypto sectors.
Looking Ahead: What to Expect
As Bitcoin and Ethereum remain under downward pressure, the market response to upcoming legislative decisions could shape their near-term performance. Investors are advised to brace for continued volatility in both the crypto and equity markets as external economic conditions evolve.
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