Date: November 24, 2025 – For informational purposes only, not investment advice.
BMNR stock price today: big bounce after a bruising month
BitMine Immersion Technologies, Inc. (NYSE American: BMNR) is ripping higher on Monday as Wall Street digests a new crypto‑treasury disclosure, fresh Ethereum purchases and the fallout from last week’s dividend and earnings news.
By mid‑afternoon U.S. trading, BMNR is hovering around $30 per share, up roughly 16% from Friday’s $26.00 close, after swinging between about $26.50 and $30.20 during the session. [1]
Key trading stats today:
- Intraday move: +$4.13, or about +15.9% versus the prior close.
- Volume: More than 42 million shares have changed hands — nearly double the stock’s typical daily volume of ~22.5 million, according to MarketBeat. [2]
- Market cap: Around $7.4–8.0 billion, depending on data provider. [3]
- 52‑week range: Roughly $3.20 to $161.00 — meaning BMNR still trades over 80% below its 12‑month high, but more than 8× above its 52‑week low. [4]
- Price‑to‑book: About 0.7×, implying the stock trades at a discount to its reported book value. [5]
The backdrop: despite a violent pullback of about 48% over the past month, BitMine’s total shareholder return over the last year is still around +300%, according to Simply Wall St — a testament to just how wild the ride has been. [6]
Today’s bounce is being driven by a cluster of news items dated November 24, 2025, all revolving around one simple idea: BitMine is doubling down on Ethereum, even as the crypto market wobbles.
New 8‑K and press release: 3.63 million ETH and $11.2 billion in crypto + cash
The centerpiece of today’s news flow is BitMine’s crypto holdings update, disclosed via an SEC Form 8‑K and press release out of Las Vegas. [7]
According to the filing and PR:
- As of November 23, 2025 at 7:30 p.m. ET, BitMine held:
- 3,629,701 ETH valued at $2,840 per token
- 192 Bitcoin (BTC)
- A roughly $38 million stake in Eightco Holdings (NASDAQ: ORBS) (classified as “moonshots”)
- About $800 million in unencumbered cash [8]
- That adds up to $11.2 billion in what the company calls “crypto + cash + moonshots” holdings. [9]
Several outlets — including TradingView, Coindesk and TipRanks — highlight that these numbers make BitMine: [10]
- The largest Ethereum treasury in the world,
- With about 3% of ETH’s circulating supply (3.63 million tokens), and
- The 50th most‑traded U.S. stock, with daily trading turnover around $1.6 billion.
The update also confirms logistics around shareholder engagement:
- Annual meeting: Scheduled for January 15, 2026 at the Wynn Las Vegas. [11]
Put differently, BitMine is no longer just a Bitcoin miner with some ETH on the side; it is positioning itself explicitly as an Ethereum‑heavy crypto treasury vehicle backed by large, long‑only investors.
Aggressive ETH buying: nearly 70,000 new tokens in a week
Today’s holdings snapshot is not static. Multiple reports show BitMine kept buying Ethereum into the recent sell‑off, even as many digital‑asset treasuries have seen their share prices sag below the value of their underlying tokens. [12]
What BitMine bought
- Coindesk reports that BitMine acquired 69,822 ETH over the past week, worth roughly $195 million at current prices, taking its total stash to 3.63 million tokens (around 3% of supply). [13]
- Coingape zooms in on two of those transactions, noting that BitMine: [14]
- Purchased 28,625 ETH for about $82.1 million, and
- Received 21,537 ETH — nearly $60 million — from trading platform FalconX, in a separate move.
- A separate piece from AIvest highlights another 27,316‑ETH transaction (~$113 million), underscoring just how aggressively the company has been “hoarding” ETH. [15]
How the market is reacting
Coverage from Benzinga notes that BMNR shares were up more than 11% intraday as the treasury update hit, with the article explicitly framed around BitMine’s belief in an Ethereum “supercycle.” [16]
24/7 Wall St. likewise reports that BitMine’s stock “surged more than 11% in midday trading,” attributing the move to “aggressive Ethereum purchases totaling tens of millions” of dollars. [17]
In other words, BitMine is not just sitting on past gains — it is actively “buying the dip” in a volatile ETH market, and today’s rally suggests equity investors are rewarding that conviction, at least for now.
Dividend & FY 2025 earnings: crypto’s first large‑cap dividend payer
Although today’s headlines are focused on ETH, they build directly on earnings and dividend news released November 21, 2025, which is still being cited in coverage dated today. [18]
From BitMine’s full‑year fiscal 2025 release:
- Net income: about $328.2 million for the year ended August 31, 2025.
- Fully diluted EPS:$13.39 per share. [19]
- Annual dividend: BitMine declared a $0.01 per‑share annual dividend, with:
- Declaration date: November 21, 2025
- Ex‑dividend date: December 5, 2025
- Record date: December 8, 2025
- Payment date: December 29, 2025 [20]
The company notes — and The Block reinforces — that this makes BitMine “the first large‑cap crypto company” to offer a recurring annual dividend, even if the actual yield (around 0.04% at current prices) is tiny in absolute terms. [21]
A few implications:
- The payout is symbolic, not income‑driven — it’s more about signaling shareholder‑friendly intent than returning large amounts of cash.
- It also implicitly tells investors management believes the treasury model can generate sustainable earnings, not just mark‑to‑market gains on crypto.
Today’s MarketBeat piece explicitly links Monday’s price action to this dividend story, reporting that BMNR shares were up 9.3% at one point, with an intraday high of $28.38 and midday price around $28.41 before the rally extended further in later trading. [22]
MAVAN staking plan: turning the ETH hoard into yield
BitMine’s earnings release also laid out more detail on how it plans to put that Ethereum to work. [23]
Key pieces of the “MAVAN” (Made‑in‑America Validator Network) roadmap:
- The company has selected three institutional‑grade staking providers for a pilot program, testing security, performance, and service quality using a slice of its ETH holdings. [24]
- It aims to launch MAVAN in Q1 2026, partnering with “world‑class infrastructure providers” to run dedicated validator nodes for its Ether. [25]
- Chairman Tom Lee (of Fundstrat fame) reiterated that BitMine intends to build the premier destination for natively staked ETH, reinforcing the company’s goal of controlling around 5% of the Ethereum market over time. [26]
In his comments, Lee also framed the recent ETH slump as part of a recurring pattern: a brutal liquidity event followed by historically “V‑shaped” recoveries — a core pillar of the “Ethereum supercycle” thesis that underpins BitMine’s aggressive buying. [27]
Taken together, the dividend + MAVAN plan tell investors that BitMine wants to be seen less as a speculative miner and more as a yield‑generating Ethereum infrastructure and treasury play.
Analyst calls and institutional support
Today’s coverage also surfaces Wall Street’s evolving view of BMNR.
Analyst ratings & price targets
- B. Riley Securities recently cut its price target from $90 to $47, while maintaining a “Buy” rating — a nod to the stock’s increased volatility but still a vote of confidence in the long‑term thesis. [28]
- Investing.com’s consensus shows:
- 2 analysts rating the stock a “Strong Buy”,
- An average 12‑month price target around $53.50 (range $47–$60), implying substantial upside from levels seen last week, though a bit less versus today’s spike. [29]
- TipRanks still shows a “Moderate Buy” rating and an average target near $47, reflecting slightly older price data and underscoring how quickly BMNR’s share price has moved relative to published research. [30]
In short, coverage is thin but generally bullish, with most analysts focusing on the treasury discount and staking optionality rather than traditional earnings multiples.
Big‑name backers
BitMine’s own filings and press releases emphasize an unusually high‑profile roster of supporters, including: [31]
- ARK Invest (Cathie Wood)
- Founders Fund
- Bill Miller III
- Pantera Capital
- Kraken, DCG, Galaxy Digital
- Personal backing from Tom Lee
A MarketBeat note published today adds that large Q3 positions were established by ARK Investment Management, Sumitomo Mitsui Trust Group, Amova Asset Management Americas, Vanguard Group and Pantera, each committing hundreds of millions of dollars. [32]
Add to that the recent leadership shake‑up, with Chi Tsang named CEO and three new independent board members joining (as highlighted in a Yahoo Finance profile last week), and you get a picture of a company trying hard to institutionalize what began as a niche mining operation. [33]
Valuation: trading below its massive crypto stash
One of the most striking themes in today’s coverage is that BMNR appears to be trading at a discount to its own crypto and cash holdings.
Using the company’s $11.2 billion “crypto + cash + moonshots” figure and a market cap in the $7.4–8.0 billion range: [34]
- The equity market is valuing BitMine at roughly 30–35% less than the gross value of the assets it just disclosed.
- Google Finance’s price‑to‑book ratio of ~0.7× points to a similar 30% discount relative to book value. [35]
Coindesk puts this in a broader context, noting that digital‑asset treasury companies have come under pressure as their stock prices fall below the value of their token holdings, and highlighting BitMine as the largest Ethereum treasury in that cohort. [36]
There are good reasons for that discount:
- The balance sheet doesn’t account for future operating costs, taxes or potential losses.
- BitMine’s fortunes are tightly coupled to ETH, which remains highly volatile. A 30% drop in Ethereum would, all else equal, wipe out roughly a third of the company’s crypto asset value.
- The company still faces execution risk on its MAVAN staking build‑out and ongoing regulatory uncertainty around crypto treasuries and staking yields.
At the same time, bullish analysts and commentators (including several Seeking Alpha and 24/7 Wall St pieces published today) frame BMNR as a “high‑octane vehicle for Ethereum believers” — essentially leveraged ETH exposure with a management team, a yield plan and public‑market liquidity. [37]
What to watch next for BMNR
Given today’s jump and the torrent of news, investors following BitMine Immersion will likely focus on a few key questions in the weeks ahead:
- ETH price path and volatility
- BitMine’s equity is now mostly a macro bet on Ethereum, amplified by treasury concentration. If ETH continues to slide, BMNR’s “discount to holdings” can widen further before value investors step in. [38]
- Progress on MAVAN staking
- Concrete updates on validator partners, staking yields, and risk controls will signal whether BitMine can turn its static hoard into recurring, on‑chain income by early 2026. [39]
- Balance between mining, treasury, and “moonshots”
- Saxo and other profiles still describe BitMine as a blockchain infrastructure and mining company, but today’s messaging clearly prioritizes the treasury + staking narrative. How management balances these lines of business will matter for both risk and valuation. [40]
- Governance and leadership under the new CEO
- With Chi Tsang stepping in and new independent directors on board, investors will look for clearer capital‑allocation policies, including how aggressively BitMine keeps adding ETH when the token falls. [41]
- Follow‑through from institutional holders
- Many of BitMine’s biggest fans — from ARK to Founders Fund — are known for taking concentrated, high‑conviction positions. Whether they add, hold or trim around current levels will send strong signals to the broader market. [42]
Bottom line: BitMine is making a very loud bet on Ethereum
On November 24, 2025, BitMine Immersion Technologies has effectively told the market:
“We’re the world’s biggest Ethereum treasury, we’re still buying, we plan to stake at scale, and we’re willing to share a sliver of profits via a dividend.”
That message — backed by 3.63 million ETH, $11.2 billion in disclosed holdings and a brand‑new dividend policy — is powering today’s roughly 16% surge in BMNR’s stock price, even as the shares remain far below their 2025 peak. [43]
For Ethereum bulls, BMNR is increasingly being pitched as a high‑beta, publicly‑listed proxy for ETH with staking upside.
For more cautious investors, it’s a reminder that crypto‑linked equities can trade at large discounts to their underlying assets for long periods, especially when sentiment sours and regulatory clouds linger.
Either way, today’s news cements BitMine Immersion as one of the most closely watched crossover stories between traditional equity markets and crypto infrastructure.
Important notice: This article is for news and informational purposes only and does not constitute investment, tax, or legal advice. Cryptocurrency and crypto‑linked stocks are highly volatile and may not be suitable for all investors. Always do your own research or consult a qualified financial professional before making investment decisions.
References
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