According to CoinMeta, Bitmine stated on the X platform that the company has become one of the largest listed companies in the United States with the highest price correlation to Ethereum (ETH). Among large U.S. stocks, the price trends of BMNR and ETH are more correlated than those of other crypto concept stocks, with the second-ranked being the crypto trading platform Coinbase (COIN). Analysis indicates that as institutional investors indirectly acquire exposure to crypto assets through listed companies, the trends of "crypto treasury stocks" such as BMNR are increasingly influenced by the prices of underlying digital assets. Compared to traditional crypto trading platform stocks, the business model of Bitmine makes its stock price more sensitive to price fluctuations in ETH. However, the market also reminds that the high correlation between BMNR and ETH means that their stock prices are not only affected by the company's operating conditions but may also amplify the risk of fluctuations brought about by increases or decreases in Ethereum prices.