BitMine Immersion Technologies (BMNR) Stock Rises as $44M Ethereum Buy Extends Rally

BitMine Immersion Technologies, Inc. (NYSE American: BMNR) finished the holiday‑shortened Black Friday session higher, as the market continued to digest yet another aggressive Ethereum purchase by Tom Lee’s crypto‑treasury company.

As of the close on November 28, 2025, BitMine shares changed hands at around $33.12, up mid‑single digits on the day, after trading between roughly $32 and $35.20 on heavy volume. ^[1]

BMNR stock today: price, volume and volatility snapshot

Key trading stats for BMNR on Friday, November 28, 2025:

Last price: about $33.12 per share ^[2]
Day change: roughly 4–5% higher versus Thursday’s close, based on a move of about $1.4 per share ^[3]
Intraday range: approximately $32.04 – $35.20 ^[4]
Volume: ~51 million shares traded vs. an average around 41 million – more than 25% above typical activity ^[5]
Market cap: roughly $12–13 billion, depending on data source ^[6]
52‑week range:$3.20 – $161.00, underlining just how extreme the volatility has been this year ^[7]

BeInCrypto and other outlets note that BitMine’s share price is now up about 17% over the past week, snapping a seven‑week losing streak that had seen the stock plunge far below its highs even as the company kept buying more Ethereum. ^[8]

The big catalyst: another 14,618 ETH added to BitMine’s treasury

The main driver of today’s move is straightforward: BitMine bought more Ethereum. A lot more.

On November 28, on‑chain and treasury disclosures showed that BitMine acquired an additional 14,618 ETH, worth roughly $44–45 million, in a single transaction traced to a BitGo hot wallet. ^[9]

Multiple crypto‑news outlets and trading desks reported that:

The purchase was executed at an average price near $3,000 per ETH. ^[10]
It follows a 69,822 ETH buy last week, part of a rapid sequence of treasury additions since early November. ^[11]
BitMine is explicitly pursuing a strategy of buying during weak sentiment, in line with Tom Lee’s long‑public “Ethereum supercycle” thesis. ^[12]

After this latest purchase, BitMine’s own press and third‑party summaries put the company’s Ethereum stash at about 3.63 million ETH, equivalent to roughly 3% of the total ETH supply and valued at more than $10 billion at recent prices. ^[13]

The firm’s stated long‑term goal—the so‑called “Alchemy of 5%”—is to eventually own around 5% of Ethereum’s circulating supply, or roughly 6 million ETH, meaning today’s holdings put BitMine a bit over halfway to its target. ^[14]

For equity investors, that means BMNR has become a highly levered proxy on Ethereum itself, rather than a traditional mining or infrastructure stock.

What investors are really buying: an Ethereum mega‑treasury with $11.2B in digital assets

If you strip away the ticker and exchange, BitMine looks less like a classic tech stock and more like a publicly traded crypto balance sheet.

In a November treasury update, BitMine disclosed that as of November 23 its balance of digital assets and cash included: ^[15]

3,629,701 ETH at about $2,840 per coin
192 BTC
A $38 million equity stake in Eightco Holdings (ORBS), described internally as a “moonshot” allocation
Roughly $800 million in unencumbered cash

That package totals about $11.2 billion in “crypto + cash + moonshots,” making BitMine widely described as the largest corporate Ethereum holder in the world. ^[16]

Compared with that asset base, the stock’s price‑to‑book ratio near 0.86 suggests markets are currently valuing BMNR at a discount to its reported net assets, a point that bullish analysts regularly highlight. ^[17]

However, the story is far from one‑sided:

Coindesk and BeInCrypto estimate BitMine is sitting on more than $4 billion in unrealized losses on its ETH bet, as the firm accumulated a large portion of its stack at significantly higher prices. ^[18]
Critics warn that the digital‑asset‑treasury (“DAT”) model can become a “Hotel California” situation—easy to enter but hard to exit—if the stock trades at a persistent discount and raising equity capital becomes difficult. ^[19]

In other words, BMNR offers direct exposure to a massive Ethereum war chest—but also the full force of ETH’s downside.

Fresh earnings, a tiny dividend, and a big ETH‑staking plan

Fundamentals in the traditional sense are almost overshadowed by BitMine’s treasury story, but they still matter for sentiment.

On November 21, BitMine reported full‑year fiscal 2025 net income of about $328 million and GAAP EPS of $13.39 per share, helped by mark‑to‑market gains and remeasurement impacts on its digital portfolio. ^[20]

Key takeaways from that earnings release:

The company announced MAVAN, a “Made‑in‑America Validator Network”—an Ethereum staking infrastructure platform scheduled to launch in early 2026. ^[21]
BitMine declared an annual dividend of $0.01 per share, pitching itself as the first large‑cap crypto company to pay a dividend—though at today’s price, the yield is only about 0.03%. ^[22]

That combination—staking infrastructure plus a symbolic dividend—is designed to reassure more traditional investors that BitMine isn’t just a speculative ETH hoard, but an operating business trying to create recurring yield from its holdings.

Still, some analysts argue the low underlying staking yields and complex fee structures make it hard for shareholders to fully capture that income, a concern echoed in recent pieces warning about “structural issues” in BitMine’s model. ^[23]

Leadership reset: Chi Tsang takes over as CEO

Governance has been a major subplot this month.

On November 13–14, BitMine announced that Chi Tsang would take over as Chief Executive Officer, succeeding Jonathan Bates, who led the company through its NYSE American listing and early growth phase. At the same time, the firm added three independent directors: Robert Sechan, Olivia Howe, and Jason Edgeworth. ^[24]

Coverage of the leadership change highlights several points:

BitMine’s board, chaired by market strategist Tom Lee, said the new team brings experience across traditional finance, wealth management and legal compliance to support the firm’s shift into a large‑scale Ethereum treasury and staking platform. ^[25]
Short‑term, the CEO news actually pressured the stock—shares slid on the day of the announcement as Ethereum sold off—but analysts viewed the governance refresh as necessary for institutional credibility. ^[26]

The leadership reset is happening in the middle of the company’s most aggressive accumulation phase, raising the stakes for execution over the next several quarters.

Wall Street and institutions: price targets, ARK buying, and fund flows

Despite the volatility and drawdown from the highs, sell‑side coverage and institutional interest have been building around BMNR.

Recent Fintel and Nasdaq data show: ^[27]

The average 12‑month analyst price target for BitMine was recently raised by 25% to $76.50, up from $61.20 earlier in the fall.
Target estimates span from about $60.60 to $94.50 per share, implying significant upside from today’s low‑$30s level if the thesis plays out.
Around 360 funds and institutions now report holdings in BMNR, with institutional share ownership jumping more than 42,000% over the past quarter to roughly 98 million shares.

One of the most closely watched buyers has been Cathie Wood’s ARK Invest, which disclosed purchases of roughly 242,000 BitMine shares across its ETFs in mid‑November, as it “bought the dip” in a basket of crypto‑linked equities. ^[28]

At the same time, other coverage and research notes have warned that the same leverage that amplifies upside could magnify losses if Ethereum remains under pressure or if investor enthusiasm for digital asset treasuries fades. ^[29]

Why BMNR remains one of the market’s wildest rides

Even after today’s bounce, BMNR is far below its 2025 peak near $161, and the stock’s 52‑week low of $3.20 serves as a reminder of how brutal previous drawdowns have been. ^[30]

Several factors explain the ongoing volatility:

Pure ETH beta, plus leverage
- With over 3.6 million ETH and additional crypto assets on its books, BitMine’s equity effectively leverages moves in Ethereum—often swinging harder than ETH itself on big green or red days. ^[31]
Treasury premium/discount dynamics
- When sentiment is euphoric, BMNR has at times traded at a premium to its net asset value (NAV), similar to closed‑end funds or early Bitcoin trusts. In bear phases, that premium can vanish or even flip to a deep discount, as seen in recent weeks. ^[32]
Unrealized loss overhang
- With multi‑billion‑dollar unrealized losses on its ETH stack, BitMine is heavily incentivized to hold long term, but that also means equity investors are tied to a strategy that may take years to fully play out. ^[33]
Regulatory and macro risk
- BitMine sits at the intersection of crypto regulation, ETF flows, and interest‑rate expectations. Recent coverage points out that outflows from ETH ETFs and shifting Fed cut expectations have weighed on both ETH and ETH‑heavy stocks this month. ^[34]

Put simply: BMNR is not a typical “value stock” just because it trades below book value. It’s a high‑beta, crypto‑linked vehicle whose fate is tied to where Ethereum—and the broader digital‑asset‑treasury concept—go from here.

What to watch next for BitMine stock

For traders and longer‑term holders tracking BMNR after today’s move, key storylines over the coming weeks and months include:

Ethereum price and volatility
- BMNR’s chart still closely shadows ETH, which is hovering near the $3,000 level as of late Friday. Sustained moves higher—or a decisive breakdown—are likely to dictate the stock’s next major leg. ^[35]
Further treasury disclosures
- Markets will be watching whether BitMine keeps buying ETH at this pace or moderates its accumulation after adding over 84,000 ETH in roughly two weeks (about 69k last week plus 14.6k today). ^[36]
MAVAN staking roll‑out details
- Any additional color on MAVAN’s economics, fee structure and expected yields could help investors understand whether BitMine can generate meaningful recurring cash flow from its massive ETH position. ^[37]
Analyst revisions and fund flows
- After the recent price‑target hike to $76.50 and the surge in institutional ownership, the next round of upgrades, downgrades or ETF position changes (especially from ARK) could add fuel in either direction. ^[38]
Macro risk sentiment
- With digital‑asset‑treasury stocks under scrutiny as speculative risk assets, broader swings in risk appetite, Treasury yields and crypto ETF flows will likely ripple through BMNR as well. ^[39]

Bottom line

On November 28, 2025, BitMine Immersion Technologies stock is trading higher, supported by another $44 million Ethereum purchase and a broader rebound across crypto‑linked equities. The company now controls a multi‑billion‑dollar ETH position, is preparing to launch a U.S.‑based validator network, and has attracted both high‑profile backers and aggressive price targets from parts of Wall Street.

At the same time, BMNR embodies concentrated crypto risk: large unrealized losses, structural questions around the digital‑asset‑treasury model, and some of the wildest volatility on the NYSE American.

For readers following the stock, the key is to recognise that BitMine is essentially a leveraged Ethereum treasury play wearing an equity ticker. Anyone considering exposure should carefully weigh their own risk tolerance, time horizon, and broader portfolio before making decisions.

Disclaimer: This article is for information and news purposes only and does not constitute financial, investment, or trading advice. Always do your own research or consult a licensed financial professional before making investment decisions.