Bitmine became the US stock listed company most sensitive to the price of ETH, and its correlation surpassed that of Coinbase

In comparison, Ethereum treasury company Bitmine posted an article on the X platform stating that the company has become the company with the highest correlation with the price of Ethereum (ETH) among large US listed companies. Among large US stocks, the correlation between BMNR and ETH price trends exceeds that of other crypto concept stocks, and the crypto trading platform Coinbase (COIN) ranked second.

The analysis points out that as institutional investors gain exposure to crypto assets indirectly through listed companies, the trend of “crypto treasury stocks” such as BMNR is increasingly being affected by the price of underlying digital assets. Compared to traditional crypto trading platform stocks, Bitmine's business model makes its stock price more sensitive to ETH price fluctuations. However, the market also warned that the high correlation between BMNR and ETH means that its stock price is not only affected by the company's operating conditions, but may also amplify the risk of fluctuations caused by rising or falling Ethereum prices.