Shares of BitMine Immersion Technologies Inc. (BMNR) plummeted 5.05% in pre-market trading on Tuesday, following the company's disclosure of its cryptocurrency and cash holdings. The sharp decline comes as investors digest the latest financial update from the Bitcoin and Ethereum network company.

On Monday, BMNR revealed that its total holdings in cryptocurrencies, cash, and what it terms "moonshots" amounted to $11.2 billion. This figure represents a notable decrease from the $11.8 billion reported just a week earlier on November 16. The company's current portfolio includes 3,629,701 Ethereum (ETH), 192 Bitcoins (BTC), an $800 million cash reserve, and a $38 million stake in Eightco Holdings (ORBS), which it categorizes as a "moonshot" investment.

The market's negative reaction could be attributed to several factors. Firstly, the $600 million reduction in total holdings over a week may have raised concerns among investors about the volatility of BMNR's assets. Additionally, the company's relatively small Bitcoin holdings compared to its substantial Ethereum position might be perceived as a risk, given Bitcoin's dominant position in the cryptocurrency market. This comes at a time when the broader crypto market is experiencing some turbulence, with reports of significant outflows from Bitcoin spot ETFs, potentially contributing to the overall negative sentiment affecting BMNR's stock price.