Cipher Digital and BitMine Fall 4% as Ethereum Slides in Crypto Sell-Off; Strategy Drops 3% David Moadel Mon, November 9, 2026 at 8:52 AM EST 5 min read CIFR -2.98% ETH-USD -5.48% MSTR -3.30% BTC-USD -2.03% NVDA -5.86% Trade CIFR on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Ethereum's 5% plunge dragged Bitmine and Cipher Digital down 4% each, while bitcoin-heavy Strategy fell just 3%, exposing how tightly crypto sentiment drives these stocks.
Crypto's sell-off, fueled by an NVIDIA scandal and Iran tensions, triggered liquidations, yet Thomas Lee still predicts a V-shaped recovery.
Cipher Digital's AI data-center pivot, backed by a $9 billion Barber Lake lease, could loosen its crypto ties, but $7 billion in debt looms.
It sounds nuts, but SoFi is giving new Active Invest users up to $1,000 in stock for a limited time, and all it takes is a $50 deposit to get started. See for yourself (Sponsor)
A slide in Ethereum (CRYPTO:ETH) is pulling crypto-linked stocks lower, and two very different business models are taking almost identical hits. In morning trading, Cipher Digital (NASDAQ:CIFR) stock is at $6.27, down 4%. The company mines Bitcoin (CRYPTO:BTC) and is shifting to leasing high-performance computing (HPC) data centers to large cloud operators and artificial intelligence firms, yet the stock is moving in step with digital-asset prices.
Two other crypto names are sliding alongside Cipher Digital. That pairing shows how tightly the market is linking crypto miners, coin holders and AI-infrastructure builders during a risk-off stretch.
Ethereum is at $2,117.85, down 5.4% over the past 24 hours. Bitcoin is at $74,641, down 1.7% over the same stretch, so Ethereum's drop is markedly steeper. Crypto is whipsawing on a scandal tied to NVIDIA (NASDAQ:NVDA) and on Iran tensions, with the sell-off sparking a liquidation wave.
Risk-off sentiment spilling over from tech is weighing on assets that trade on momentum, and crypto sits near the front of that line. The pressure adds to a drawdown that dates to October 10, which Bitmine Immersion Technologies (NYSE:BMNR) described as the largest single-day liquidation event in crypto's history. Thomas Lee is Bitmine's chairman. He has said that "crypto prices stage V-shaped recoveries after a lingering and drawn out decline, and we expect this to again be the case in this current drawdown."
SoFi Active Invest is offering a limited-time promotion. Open an account, fund it with $50 or more, and you could receive up to $1,000 in complimentary stock for Active Invest accounts. See for yourself by clicking here now. (Sponsor)
Bitmine stock is at $17.97, down 4%. As an Ethereum treasury company, Bitmine gives shareholders direct exposure to the coin, which makes it the purest proxy for Ethereum's slide among the three featured names. The company disclosed on November 9 that its Ethereum holdings reached 6.07 million tokens, with total crypto plus cash and marketable securities of $14.3 billion.
Strategy (NASDAQ:MSTR) stock is at $124.90, down 3%. With 848,517 BTC on its balance sheet, the company tracks Bitcoin, whose milder decline lines up with a smaller drop in the stock.
Cipher Digital cuts against that pattern, posting a decline in line with Bitmine's despite its Bitcoin focus. Another miner converting bitcoin-mining sites for AI cloud capacity is at $20.80, down 4%, falling faster than Strategy Inc. as well.
A major crypto exchange's stock is at $131.94, down 2%. A smaller Ethereum treasury company is at $5.95, down 5%, according to CryptoProwl. That's the steepest decline in the group, and it fits the broader pattern of Ethereum-heavy names falling harder than Bitcoin-focused ones.
Cipher Digital is turning itself into a landlord for AI compute. The company still mines bitcoin, but its growth plan centers on long-term leases with hyperscaler tenants at sites such as Black Pearl, Barber Lake and Stingray. That pivot puts it among certain key suppliers. The power, cooling and networking suppliers are quietly feeding the data-center expansion (we covered seven of them in a free report on AI infrastructure names that aren't chipmakers). Compared with its two crypto peers, Cipher Digital keeps a lighter coin treasury, so the stock's link to crypto prices runs through its mining legacy and investor perception.
Bitmine occupies the other end of the spectrum, with a balance sheet built around Ethereum and a Made-in-America Validator Network (MAVAN) staking expansion designed to put those tokens to work. Strategy Inc. blends its bitcoin treasury with a legacy enterprise analytics software business and a growing Digital Credit preferred-stock platform. That mix gives Strategy Inc. more than one lever, though Bitcoin's price still drives its earnings.
The next test for Cipher Digital is whether its data halls deliver on schedule between Q4 2026 and Q1 2027, which could loosen the stock's tie to crypto sentiment. For Bitmine, investors need to see Ethereum stabilize after a decline steeper than Bitcoin's.
Bulls can point to Cipher Digital's amended 20-year Barber Lake lease, which lifted the site's contracted revenue to about $9.1 billion, and to Lee's call for a V-shaped recovery at Bitmine. The bears note that Cipher Digital carries about $6.7 billion of total debt, and Bitmine's treasury value moves directly with Ethereum's price.
A turn in crypto sentiment could move Bitmine and Cipher Digital just as quickly in the other direction. Investors may want to keep an eye on whether Ethereum's slide subsides before reviewing these names.
Looking to grow your money but unsure where to begin? SoFi Active Invest is offering a limited-time promotion; open a new Active Invest account, fund it with $50 or more, and you could receive up to $1,000 in complimentary stock.
From $0 commission trading3 to fractional shares4 and automated investing, this app is designed to simplify investing for everyone, whether you're just starting or already experienced. Its easy to sign up and secure your bonus. (Sponsor)
Contact editorial@247wallst.com for any questions or corrections.
