BitMine Immersion Technologies (BMNR) After-Hours: Ethereum Treasury Stock Hovers Near $40 – What to Know Before the December 11, 2025 Open

BitMine Immersion Technologies, Inc. (NYSE American: BMNR) — the hyper-volatile Ethereum treasury stock that’s become a trader favorite in 2025 — closed December 10, 2025 at $40.40, up 3.03% on the day, before easing slightly to about $40.10 in after-hours trading. ^[1]

With Ethereum reacting to the Federal Reserve’s third rate cut of 2025 and BitMine rolling out fresh disclosures, insider filings and new research coverage, tomorrow’s open on Thursday, December 11 is set up to be another eventful session.

Below is a concise rundown of what happened after the bell on Dec. 10 and what traders and investors should watch before the next market open.

1. How BMNR Traded on December 10, 2025

Regular session close:
- Price: $40.40
- Daily change: +1.19 (+3.03%) vs. previous close of $39.21 ^[2]
After-hours (as of early evening):
- Around $40.10, down roughly 0.7% from the close. ^[3]
Intraday volatility:
- Day’s range: $38.44 – $42.09 ^[4]
- Volume: ~52.7 million shares, well above many mid-cap names and consistent with BitMine’s status as one of the most actively traded U.S. stocks. ^[5]
Market cap & fundamentals (latest data):
- Market cap: ~$15.5 billion
- Shares outstanding: ~384 million
- TTM revenue: ~$6.1 million
- TTM net income: ~$328 million
- TTM EPS:$13.39
- Reported P/E (this provider): ~3.0x at today’s close. ^[6]

BMNR’s two-week move has been dramatic: one technical service notes the stock is up ~26% over the last 10 trading days, rising in 7 of those sessions, with a single-day gain of 9.4% on December 9 alone. ^[7]

At the same time, another fundamentals-focused service highlights that despite a year-to-date gain above 400% and 1‑year total return over 350%, the 90-day return is about –19.6% and the 30‑day return about –10.9%, underscoring just how violent the recent swings have been. ^[8]

2. BitMine’s Core Story: A Giant Ethereum Treasury With a 5% Supply Goal

The core driver of BMNR is no longer mining hardware — it’s Ethereum exposure at scale.

In a December 8 press release and related SEC exhibit, BitMine disclosed that as of December 7, 2025 it:

Holds 3,864,951 ETH valued at about $3,139 per coin at the time of the snapshot.
Owns more than 3.2% of the total ETH supply, describing itself as roughly two-thirds of the way toward its ambition to control 5% of all ETH (“the Alchemy of 5%”).
Also holds 193 BTC, about $36 million in Eightco Holdings (NASDAQ: ORBS) equity, and $1.0 billion in cash, for total “crypto + cash + moonshots” holdings of $13.2 billion. ^[9]

The same release notes that BitMine:

Recently accelerated ETH purchases, acquiring 138,452 ETH in the prior week, a 156% increase from its earlier weekly buying pace.
Plans to launch MAVAN (Made-in-America Validator Network), an institutional-scale Ethereum staking platform, in early 2026. ^[10]
Has become one of the most actively traded stocks in the U.S., with an estimated five-day average dollar volume of roughly $1.8 billion, ranking around #37 among U.S.-listed stocks, between CrowdStrike and Goldman Sachs in that metric. ^[11]

Put simply, BitMine has positioned itself as the largest public Ethereum treasury in the world, monetizing that hoard via planned staking yields and treasury management, while using the equity market to fund ongoing accumulation.

3. Fresh Research and Opinion as of December 10, 2025

Several new or very recent analyses of BitMine landed around December 10 — and they don’t all agree.

3.1. “Supply Shock” and Ethereum-Levered Bull Cases

Seeking Alpha – “Bitmine Immersion: A Supply Shock In Slow Motion” (today)
A new article emphasizes BitMine’s ~3.86 million ETH position, its 5% supply ambition, and the idea that turning that ETH into staked income at roughly 2–3% yields could generate several hundred million dollars annually. The piece frames BMNR as a levered play on a structural Ethereum supply squeeze, but highlights regulatory and crypto-market risks. ^[12]
Invezz – “Here’s why BitMine stock price is ripe for a strong comeback” (today)
Invezz notes that BMNR shares suffered a sharp reversal in recent months as risk appetite for crypto-treasury companies cooled and ETH pulled back, but argues the underlying ETH stash and upcoming MAVAN staking network could support a rebound if Ethereum’s next leg higher materializes. ^[13]
Forbes – “Buy BMNR Stock At $36?” (today)
A Forbes column reviews BitMine on dimensions such as growth, profitability, financial stability and valuation, asking whether the recent pullback has created a new entry point or simply reflects justified derating after an enormous run. The article frames BMNR as a high-risk, high-reward vehicle tied tightly to Ethereum’s cycle. ^[14]

3.2. Valuation Skepticism: Is BMNR Overpriced or Dirt Cheap?

Here’s where things get messy:

Simply Wall St (Dec 9) – “Valuation Check After Massive Ethereum Accumulation”
This analysis calculates a P/E of about 41.9x at a prior close of $35.84, notably higher than its comparison group (U.S. software names at ~32x and closer crypto/fintech peers nearer 28.7x). It labels BMNR “overvalued” on that specific metric, despite noting that the stock is still up ~412% YTD and ~354% over 12 months, even after a 90‑day drawdown. ^[15]
StockAnalysis.com & other feeds (today)
In contrast, StockAnalysis shows full-year EPS of $13.39 and a trailing P/E near 3x at today’s close, based on reported net income of about $328 million on ~$6.1 million in revenue. ^[16]
MarketBeat (Dec 9)
MarketBeat’s data feed, tied to quarterly earnings, still shows a negative P/E (~–89x) because of how it treats historical periods and non‑recurring items, even while noting quarterly EPS of $15.90 and a market cap of roughly $15.1 billion. ^[17]

The takeaway: valuation metrics differ wildly by data provider, depending on which earnings window, adjustments and share counts they use. You should not rely on a single P/E snapshot when judging BMNR; the market is still digesting a rapidly changing balance sheet and income statement.

4. Technical Setup and Short-Term Forecasts

4.1. Classical Technical Indicators

Investing.com’s technical summary currently labels BMNR a “Strong Buy” on the daily timeframe, with 8 bullish signals vs 1 bearish, based on moving averages and popular momentum indicators. ^[18]
StockInvest.us (updated after Dec 9) calls BMNR a “buy candidate” after its powerful rebound, highlighting:
- A 9.4% jump on Dec 9 (from $35.84 to $39.21) with a 14.8% intraday range.
- A 25.92% gain over the last two weeks and rising volume — about 60 million shares traded for roughly $2.37 billion on Dec 9 alone. ^[19]
- However, the site still places BMNR inside a “very wide and falling” short‑term trend, projecting a potential –41% move over the next three months, with a 90% probability range of $12.26–$24.90 if the current trend structure persists. ^[20]

It also cites near-term support from accumulated volume around $38–39 and deeper support near $33–32, while flagging $42–43 as a key trendline region where a sustained breakout could signal a bigger shift in momentum. ^[21]

4.2. Options Market Signals

A recent GuruFocus options-activity note points out that on a prior session (Dec 9) BMNR:

Rose about 10–11% to the high-$30s.
Saw a surge in options volume to roughly 234,000 contracts, with call options significantly outpacing puts and a put/call ratio of 0.39 vs a more typical ~0.48 for the name. ^[22]

That kind of call-heavy flow often reflects speculative bullish positioning — fuel for sharp squeezes and sharp reversals.

5. Insiders, Governance and Institutional Flows

5.1. Insider Vesting and Planned Share Sale (Filed Today)

Two SEC-related disclosures surfaced on December 10:

Form 4 – President RSU Vesting
- BitMine’s president, Erik S. Nelson, reported that 652 restricted stock units vested on December 3, converting 1:1 into common shares at a $0 exercise price, per his employment agreement.
- After the transaction he now directly owns 76,652 shares, plus indirect holdings via Coral Investment Partners (36,378 shares) and Morris Lake Holdings (2,500 shares).
- The RSUs vest in four equal 25% tranches from November 2025 through August 2026. ^[23]
Form 144 – Planned Sale of 1,500 Shares
- A holder associated with BitMine (widely referenced as an executive recipient of stock in 2022) filed a Form 144 indicating an intent to sell 1,500 BMNR shares through UBS Financial Services around December 10, 2025, with an estimated market value of about $149,050.
- The filing notes 284.7 million shares outstanding, meaning this is a very small sale relative to the float. ^[24]

Neither filing appears large enough on its own to alter the investment thesis, but they do matter for sentiment: the RSU vest is standard compensation, while the Rule 144 notice tells the market that at least one insider is willing to lighten up slightly after the recent rally.

5.2. Former CEO Pay and Who’s Accumulating BMNR

A Quiver Quantitative note published this evening adds color on governance and who’s behind the stock:

It estimates that former CEO Jonathan Bates received about $1.60 million in compensation for 2025, up ~61% from an estimated $622,000 in 2024, based on the company’s newly filed DEF 14A. ^[25]
Over the last six months, Quiver’s insider-trading tracker shows 3 insider trades in BMNR — all purchases, zero open-market sales. It highlights Chairman Tom Lee making three buy transactions totaling roughly 448,944 shares. ^[26]
Members of U.S. Congress have reportedly traded BMNR six times in the last six months (five buys, one sale), and a long list of large institutions — including Morgan Stanley, Susquehanna, ARK Invest, FMR and BlackRock — have disclosed sizeable new positions in Q3 2025. ^[27]

This data doesn’t guarantee future performance, but it suggests insiders, institutions and some politically connected investors have been net buyers into BitMine’s transformation into an Ethereum mega‑treasury.

6. Crypto & Macro Backdrop: Fed Cut, Ethereum and the DATCO Trade

BMNR doesn’t trade in a vacuum; it sits at the intersection of equities, crypto and macro policy.

6.1. Fed’s Third Rate Cut of 2025

According to Decrypt, the Federal Reserve delivered its third rate cut of the year today. Bitcoin and Ethereum wavered rather than spiked, with ETH quoted near $3,300–3,350 around the time of the announcement. ^[28]

Lower policy rates are typically seen as supportive for risk assets and especially for long-duration “growth” or speculative names — a category that clearly includes BMNR.

6.2. Ethereum “Bottom” and BitMine’s Aggressive Buying

Another Decrypt piece published today reports that BitMine Chairman Tom Lee believes Ethereum has already bottomed and that BitMine is aggressively buying ETH on that thesis, citing structural supply dynamics and improving macro conditions. ^[29]

Separately, B. Riley analysts, in a note about Ether-focused digital asset treasury companies (DATCOs), point out that ETH-centric treasury plays have outperformed peers since November 20 as:

Risk appetite has improved,
Market-value-to-net-asset-value multiples (mNAVs) have ticked higher, and
Staking-led business models have started to look more sustainable. ^[30]

BitMine is one of the flagship ETH DATCO names in that group, and its price action has been moving largely in sync with these broader flows.

7. Key Things to Watch Before the December 11, 2025 Open

Here’s a practical watchlist for tomorrow morning:

7.1. Overnight Ethereum Price and Crypto Sentiment

Because BitMine’s balance sheet is dominated by ETH, overnight moves in Ethereum are often amplified in BMNR the next day.

A sharp ETH rally after the Fed cut could support a gap up in BMNR.
A renewed risk-off move in crypto could quickly unwind today’s gains.

ETH price and crypto headlines between now and the open are likely to be the single biggest driver of BMNR’s gap and early-session direction.

7.2. How the Market Digests Today’s Research

Three fresh narratives just hit the tape:

Supply shock + Treasury bull case (Seeking Alpha).
“Strong comeback” potential after a harsh pullback (Invezz).
Valuation debate and risk profile (Forbes, Simply Wall St, MarketBeat).

If tomorrow’s premarket chatter gravitates toward “cheap relative to ETH holdings and cash flow”, buyers may lean on the Strong Buy ratings and institutional accumulation story. ^[31]

If instead the market latches onto “too volatile and overvalued vs peers”, or worries about regulatory and governance risks, the stock could see profit-taking near the $40–42 zone.

7.3. Reaction to Insider Filings

The Form 4 RSU vesting and Form 144 planned sale of 1,500 shares are small in size, but traders often trade headlines, not just numbers. ^[32]

If the narrative becomes “insiders are cashing out,” it could put short-term pressure on BMNR.
If it’s read as routine compensation and de minimis selling against a backdrop of larger insider and institutional buying, the impact may be negligible. ^[33]

7.4. Technical Levels and Options Flows

Tomorrow, watch:

Support: roughly $38–39 (near Wednesday’s lower range and recent volume support). ^[34]
Resistance: the $42–43 area, which aligns with both today’s high and a key downtrend line flagged by technical forecasters. ^[35]
Options tape: If we see another day of call-heavy activity and large volumes, BMNR can move very quickly in either direction as traders crowd into weekly contracts. ^[36]

7.5. Any New Company or Regulatory Headlines

Finally, BitMine has been unusually active on the disclosure front — issuing recurring ETH treasury updates, 8‑K filings and Chairman’s messages. ^[37]

Ahead of the open, it’s worth checking for:

Additional 8‑K filings or press releases,
Any Chairman commentary reacting to the Fed cut or overnight crypto moves,
New analyst notes adjusting price targets or ratings.

8. Risk Factors to Keep Front of Mind

Before trading BMNR around tomorrow’s open, it’s worth underscoring a few key risks:

Extreme volatility
- 14–15% intraday ranges, multi‑day 20–30% swings and a 52‑week range of $3.20 to $161 speak for themselves. ^[38]
Concentrated exposure to Ethereum
- With over 3.2% of total ETH supply on its balance sheet and a stated goal of 5%, BitMine is effectively an aggressively leveraged Ethereum macro trade in corporate form. ^[39]
Valuation uncertainty
- Different data providers show P/E ratios ranging from deeply negative to low single digits to 40x+, depending on how they treat recent earnings and adjustments. That’s a sign that fundamentals are in flux and hard to value cleanly. ^[40]
Regulatory and accounting risk
- BitMine itself cautions that its strategy depends on the future value of Bitcoin and Ethereum, evolving U.S. regulation, and its ability to raise capital and build staking infrastructure. ^[41]
Retail and speculative participation
- Heavy options volume, meme‑stock style liquidity and rapid sentiment swings can make BMNR unsuitable for conservative or short‑horizon investors.

9. Bottom Line

As of the after-hours session on December 10, 2025, BitMine Immersion Technologies stock is:

Trading near $40 after a strong two-day rebound,
Anchored by a massive 3.86 million ETH treasury plus $1 billion in cash and other assets, ^[42]
Surrounded by mixed but intense analyst coverage — from “supply shock” and “strong comeback” bull narratives to skeptical valuation frameworks, ^[43]
And operating in a macro environment where the Fed is easing and Ethereum’s next big move remains the wild card. ^[44]

For traders heading into December 11, the key will be to watch ETH’s overnight path, BMNR’s premarket tape, fresh company filings and how the market digests today’s research. Whatever your view, it’s critical to treat BMNR as a high-risk, crypto‑linked equity and size positions accordingly.