Crypto Stocks Tumble: BMNR and MSTR Sink with Ethereum and Bitcoin as CLARITY Act Vote Falls Flat

Summary

BitMine and MicroStrategy stocks are under considerable strain as Bitcoin and Ethereum see a downturn, particularly following an important U.S. market-structure vote.

BitMine Stock Declines Amid Crypto Market Weakness

On Tuesday, BitMine Immersion Technologies (NYSE: BMNR) and MicroStrategy (MSTR) saw a dip as the overall cryptocurrency market faltered. Bitcoin approached $75,000 in value, while Ethereum dropped by approximately 5% over a 24-hour period to around $2,376. BMNR had already fallen more than 10% on Monday, raising concerns about sustaining its impressive rally.

This decline coincided with a general downturn in larger markets, with Nasdaq futures down 0.65% and S&P 500 futures declining about 0.5%.

As an Ethereum treasury firm, BitMine’s valuation is closely tied to ETH price movements. While this correlation has fueled significant growth, it also exposes the stock to risks when crypto values decline.

Senate Democrats Halt Key Crypto Legislation

On Tuesday, Senate Democrats blocked a pivotal cryptocurrency bill, representing a setback for President Trump’s tech agenda ahead of the midterm elections. All Democratic senators opposed the advancement of the Digital Asset Market Clarity Act, which aimed to clarify the oversight roles of federal regulators concerning the cryptocurrency industry. The bill was defeated in a 50-49 vote, lacking the necessary 60 votes to overcome a filibuster.

Republican lawmakers contended that the legislation would provide clearer regulatory frameworks for digital assets and assert U.S. leadership within the sector. Sen. Kevin Cramer criticized Democrats for prioritizing Trump’s personal financial issues over advancing crypto regulation. However, Democrats expressed concerns regarding the bill’s ethics provisions and potential conflicts involving the President’s investments. Every Republican supported the bill, except for Sens. Susan Collins and Jerry Moran, while Sen. Thom Tillis voted against it routinely to allow for possible reconsideration.

BitMine Approaching Its 5% Ethereum Target

Despite the recent market challenges, BitMine is continuing to extend its Ethereum investments. As of September 13, the firm possessed 5,956,378 ETH, valued at approximately $2,513 each.

The firm’s total investments including crypto, cash, and marketable securities amount to $15.8 billion, with its Ethereum holdings making up about 4.9% of the total ETH supply of approximately 122 million tokens.

Last week, BitMine acquired an additional 27,180 ETH. Chairman Thomas “Tom” Lee stated that the company has been purchasing Ethereum weekly since unveiling its treasury strategy on June 30, 2025.

Additionally, the company holds 212 Bitcoin, $549 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $98 million investment in Eightco Holdings.

Staking Offers Additional Revenue Stream

As of September 7, BitMine had staked 5.07 million ETH, which constitutes about 85% of its Ethereum holdings. At $2,513 per token, these assets are valued at roughly $12.7 billion.

The company predicts an annual staking revenue of around $334 million, with its staking operations generating a seven-day yield of 2.62% annually.

Its Made in America Validator Network is designed to support BitMine’s treasury and provide infrastructure for institutional investors, custodians, and other partners.

However, staking revenue does not shield the company from fluctuations in Ethereum’s price. A sustained decline in ETH value could diminish the treasury’s worth and apply additional stress on BMNR shares.

BMNR and MSTR at Crucial Technical Levels

Currently, BitMine is holding above the $2,000 mark but has fallen below significant moving averages that previously served as support levels. Their inability to maintain this ground weakens the technical structure, suggesting the potential for further declines if cryptocurrency prices continue to drop.

MSTR Weekly Chart Analysis

MSTR has also failed to regain its 200-week simple moving average and has seen a downward trajectory over the last two weeks. Though the decline is somewhat contained, buyers may find it challenging to regain control unless Bitcoin and Ethereum start to stabilize.

CLARITY Act: A Deciding Factor for Future Movements

The cryptocurrency market is now keenly focused on the CLARITY Act. Senator Tim Scott, Chairman of the Senate Banking Committee, cautioned that Democratic opposition could undermine U.S. supremacy in digital assets, asserting that without regulatory market-structure legislation, the crypto market remains akin to the “wild, wild West.”

The Senate is expected to conduct a procedural cloture vote on September 15 around 2:15 p.m. ET. This vote will not finalize the bill’s passage but will allow discussions regarding digital asset market structures to proceed.

A positive legislative outcome could reignite interest in crypto-related stocks, whereas a failure to advance the bill may extend the period of uncertainty.

For BMNR and MSTR, prospects hinge heavily on fluctuations in cryptocurrency prices as well as regulatory progress. Until Bitcoin and Ethereum recover momentum, recent technical setbacks leave both stocks susceptible to further declines.

Skerdian Meta

Lead Analyst

Skerdian Meta is the Lead Analyst at our organization. With over 11 years of experience in market analysis, he has a background in Forex trading. Before his current role, Skerdian worked at Saxo Bank’s local branch, Aksioner, where he specialized in developing models and hands-on trading strategies. He holds a master’s degree in finance and investment.