BitMine Immersion Technologies, Inc. (NYSE American: BMNR) finished a holiday-shortened Christmas Eve session (Dec. 24, 2025) with investors still treating the stock less like a traditional operating company — and more like a high-beta proxy for Ethereum exposure.
By the time after-hours trading got underway, BMNR hovered around $29.35, with the day defined by heavy turnover and a relatively tight range for a stock that’s been known for outsized swings.
Just as important: U.S. stock markets are closed tomorrow (Thursday, Dec. 25) for Christmas Day, meaning there is no “regular” market open tomorrow morning. The next full session is Friday, Dec. 26. 1
Below is what moved BMNR today, what fresh coverage and “forecast” chatter surfaced on Dec. 24, and what investors should keep on their radar before markets reopen.
BMNR after the bell: where the stock stood late on Dec. 24
In the holiday-shortened session, BMNR traded with notable liquidity for a niche name:
- After-hours price: about $29.35
- Day change: roughly -1.4% 2
- Intraday range: about $28.75 to $29.66
- Volume: about 21.27 million shares
- Market cap (approx.):$12.7B
A key context point: Dec. 24 is an early-close day (U.S. equities close at 1:00 p.m. ET on Christmas Eve in 2025), which can distort “end-of-day” narratives because liquidity is compressed into fewer hours. 1
Why BMNR trades like a crypto instrument (and why that matters tonight)
BMNR’s story in late 2025 is tightly linked to its Ethereum-heavy treasury strategy.
The company disclosed earlier this week that it had reached a milestone above 4 million ETH, alongside $1.0 billion in cash, with “total crypto and cash holdings” described around $13.2 billion. 3
Crypto-focused coverage has also framed BMNR as an “ETH treasury” company that bought into weakness — with CoinDesk reporting the firm crossed the 4,066,062 ETH level, representing about 3.37% of ETH supply. 4
This matters for the next session because BMNR’s “earnings-style” catalyst often isn’t an earnings release — it’s the mark-to-market value of ETH, plus any new disclosures about holdings, staking plans, and capital raising.
The most important BMNR headlines that surfaced today (Dec. 24)
Even on a quiet holiday calendar, BMNR still popped up in a few meaningful places on Dec. 24 — and the themes were consistent: institutional positioning + ETH accumulation narratives.
1) A new institutional-ownership headline: Strong Tower’s BMNR stake
A MarketBeat item published today pointed to a 13F filing showing Strong Tower Advisory Services reported owning 276,412 shares (a Q3 position, valued in that report around $14.35 million). 5
Why it matters: on thin holiday liquidity, “who owns it” and how crowded the trade is can move sentiment quickly — especially for stocks that trade on narrative and flow.
2) “Buying into weakness” chatter tied directly to BitMine
A BeInCrypto report published today described a broader Ethereum accumulation trend despite recent weakness, explicitly naming BitMine among buyers signaling longer-term conviction. 6
This type of coverage tends to reinforce how many traders are modeling BMNR: less as a miner or services business, more as a balance-sheet ETH vehicle.
3) Trend Research “whale” coverage that indirectly spotlights BitMine’s scale
A TradingView item (via Cointelegraph) published today reported Trend Research’s ETH purchase and noted that only a small number of listed companies report larger ETH balances — naming BitMine among the top holders. 7
Translation: in the “corporate ETH treasury” conversation, BitMine is increasingly treated as a benchmark.
Market schedule reality check: there is no U.S. market open tomorrow
Your prompt asked what to know “before the stock market opens tomorrow.” The crucial point for planning is:
- Thursday, Dec. 25, 2025: U.S. markets closed for Christmas Day 1
- Next regular session:Friday, Dec. 26, 2025 1
So tonight’s “setup” is really about what could influence BMNR between now and Friday’s open, when liquidity returns.
What to watch before the next session: 6 things that can move BMNR fast
1) Ethereum’s tape (because BMNR is effectively levered to ETH sentiment)
As of the latest available crypto quotes, ETH was around $2,943.68 and BTC around $87,491, with relatively small day-to-day moves.
But for BMNR holders, the bigger issue is direction + volatility in ETH heading into a holiday, when crypto trades 24/7 and equities do not. A sharp ETH move while U.S. markets are shut can create a gap risk into Friday’s open.
2) Any new company filing or treasury update
Recent disclosures around treasury size have been a major driver of BMNR attention. This week’s update that the firm had surpassed 4.066 million ETH is still fresh and widely cited. 3
If any new update drops (even a short one), BMNR can react disproportionately because traders are essentially recalculating “treasury value per share” in real time.
3) The January shareholder meeting — and the dilution question
One of the most underappreciated near-term catalysts is not crypto — it’s corporate governance.
BitMine has an annual meeting scheduled for Jan. 15, 2026 in Las Vegas, and the published agenda includes a proposal to increase the number of authorized shares of common stock (alongside director elections and other items). 8
Why it matters for Friday’s setup:
- Authorized-share increases often raise dilution concerns for shareholders in companies that fund growth via equity issuance.
- In a “treasury strategy” model, equity issuance can be framed two ways: accretive (if it buys more ETH at a favorable implied valuation) or dilutive (if it expands the share count faster than treasury value grows). The market can flip between those interpretations quickly.
4) Staking and the MAVAN narrative (potentially a 2026 re-rating lever)
BitMine has said it plans to commence Ethereum staking through its Made-in-America Validator Network (MAVAN) in early 2026 / Q1 2026. 9
If investors start treating staking as a path to recurring yield (rather than pure mark-to-market ETH exposure), it can change how traders justify premiums/discounts to treasury value.
5) Wall Street price targets and “forecast” dispersion
Traditional analyst coverage appears limited, but what is published is wide enough to influence narratives:
- MarketWatch reflects an average target shown at $47 (based on the rating information available there). 10
- Zacks lists an average price target of $53.50 (from two analysts). 11
- Yahoo Finance also displays an average target around $53.50, with $60 shown as a high figure and $47 as a low figure in its “Analyst Price Targets” panel. 12
What to do with this: treat targets as sentiment markers, not precision instruments — especially for a stock whose perceived value can change with ETH.
6) Options-implied “expected move” into the next session
Options can provide a rough sense of what traders are pricing in.
One options analytics snapshot for BMNR showed an expected move of about ±$1.59 (±5.41%) into the Dec. 26, 2025 expiration window. 13
That’s not a prediction — it’s a read on implied volatility. Still, it’s useful for framing how large a Friday swing the options market is bracing for.
What today’s broader market backdrop suggests (and why it still matters to BMNR)
U.S. equities broadly held up in the Christmas Eve session, with major indexes finishing a shortened day in positive territory. 14
BMNR, however, remains a reminder that some “single-factor” stocks can diverge from the index depending on their dominant driver — for BMNR, that driver is overwhelmingly crypto treasury sentiment and capital structure expectations.
The key takeaway for Dec. 24 after-hours
BMNR ends Christmas Eve in a familiar spot: high liquidity, high narrative sensitivity, and a valuation framework that many traders anchor to ETH and corporate actions rather than quarter-to-quarter operations. 3
Before the next session (Friday, Dec. 26), the practical checklist is:
- Track ETH volatility while equity markets are closed (gap risk).
- Watch for any treasury/filing update and be aware of how quickly “treasury per share” narratives move. 15
- Keep the Jan. 15 shareholder meeting agenda in view, especially the authorized-share proposal. 8
- Use analyst targets and options-implied move as context, not certainty. 11
This article is for informational purposes only and is not investment advice.
