BitMine Immersion Technologies (BMNR) Stock Is Falling Tuesday: What's Driving The Action?

BitMine Immersion Technologies Inc (NYSE:BMNR) saw its stock trade lower Tuesday morning, despite a lack of company-specific news for the session. The stock is potentially moving lower amid a drop in the price of Ethereum (CRYPTO: ETH). Here’s what investors need to know.What To Know: The selling pressure in BitMine shares follows Monday’s rally, where the stock surged over 9%. The move was largely fueled by rising Ethereum prices as ETH climbed to $4,750.BitMine, the world’s largest corporate holder of Ethereum, recently updated its holdings, confirming it owns over 2.83 million ETH. As of Monday, the company’s total crypto, cash and “moonshot” holdings were valued at $13.4 billion.BitMine’s stock performance is closely linked to the price of Ethereum, making it a direct proxy for investors looking for equity exposure to the world’s second-largest cryptocurrency. The company, led by chairman Tom Lee, has stated its goal is to eventually own 5% of the total ETH supply.Benzinga Edge Rankings: According to Benzinga Edge rankings, the stock boasts an exceptionally high Momentum score of 99.53.BMNR Price Action: BitMine Immersion shares were down 5.24% at $59.89 at the time of publication Tuesday, according to Benzinga Pro.The stock is trading well above its 50-day moving average of $48.97, indicating a bullish trend in the longer term, but the recent price action suggests a potential correction. Key support levels may be found near the 50-day moving average, while resistance could be encountered around the recent high of $65.59.Read Also: AST SpaceMobile Stock Is Sliding Tuesday: What’s Going On?How To Buy BMNR StockBy now you're likely curious about how to participate in the market for BitMine Immersion – be it to purchase shares, or even attempt to bet against the company.Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.Image: Shutterstock