As of 1:52 p.m. Eastern Time (New York) on Friday, December 26, 2025, U.S. markets are open and trading in a post-holiday, year-end setting where liquidity can be thinner and crypto-linked equities often swing harder than the broader tape.
BitMine Immersion Technologies, Inc. (NYSE American: BMNR) is once again acting less like a conventional operating company and more like a publicly traded Ethereum balance sheet—with investors trying to price a massive ETH treasury, a controversial share-authorizations vote, and the company’s plan to turn “stored ETH” into yield via staking in 2026.
BMNR today: down with ETH while the broader market goes sideways
BMNR was trading around $28.54 in the early afternoon, down about 2.8% on the day, with heavy intraday movement between roughly $27.92 and $29.96.
That slide is happening alongside a mild downdraft in major crypto assets:
- Ethereum (ETH) near $2,925, down about 1.1%
- Bitcoin (BTC) near $87,248, down about 1.1%
Meanwhile, the broader stock market is basically shrugging:
- SPY (S&P 500 ETF) near-flat on the day
- QQQ (Nasdaq-100 ETF) slightly positive
That divergence matters. BMNR’s core narrative is now so ETH-centric that “crypto down a bit” can translate into “BMNR down a lot,” especially during holiday weeks when fewer big orders can move price more than usual.
The real catalyst: BitMine says it holds 4.066 million ETH and is targeting “5% of supply”
The headline driving most BMNR coverage in late December is the company’s own claim that it now holds 4,066,062 ETH, representing 3.37% of ETH supply, alongside $1.0 billion in cash and additional “moonshots” holdings—totaling $13.2 billion in crypto + cash + other positions. [1]
In the same update, BitMine said it added 98,852 ETH in the past week and framed this as progress toward what it calls the “Alchemy of 5%” goal (owning 5% of ETH supply). [2]
The company’s executive chairman, Thomas “Tom” Lee of Fundstrat, described the 4 million ETH mark as a major milestone achieved in about 5.5 months and positioned BitMine as a bridge between Wall Street and on-chain tokenization. [3]
If you’re trying to understand BMNR in one sentence: it’s a leveraged bet on ETH with corporate wrappers—capital markets access, governance risk, and potentially staking yield.
Governance risk front and center: shareholders vote Jan. 15 on expanding authorized shares to 50 billion
The other massive story hanging over BMNR is not crypto—it’s corporate structure.
BitMine’s definitive proxy statement sets an Annual Meeting for Thursday, January 15, 2026, at the Wynn Las Vegas (12:00 p.m. Pacific Time). [4]
One proposal is especially market-moving:
- The board adopted a charter amendment to increase authorized common shares from 500,000,000 to 50,000,000,000—a jaw-dropping jump in potential issuance capacity. [5]
The proxy statement is unusually direct about what this could mean. The board argues the additional authorization would give flexibility for equity capital raises and strategic transactions, including use of its at-the-market (ATM) program. [6]
But it also explicitly warns of:
- Dilution to earnings per share and to existing holders’ voting power
- Potential downward pressure on the stock price
- The possibility that a larger authorized pool could be used in ways that delay or deter changes of control, even if it’s “not intended” as an anti-takeover tool [7]
Investors should also note the scale of the current share base: as of the December 8, 2025 record date, BitMine reported 425,841,924 shares outstanding and entitled to vote. [8]
In other words, this isn’t an abstract governance debate. It’s a live question: Will BMNR finance future ETH accumulation in a way that preserves per-share value, or will issuance capacity overwhelm the equity story?
Institutional attention: ARK buying “the dip” and other ownership signals
BMNR has been showing up in the same conversation as other high-volatility, crypto-exposed equities—partly because high-profile funds are trading it.
Barron’s reported that Cathie Wood’s ARK Invest purchased roughly $17 million of BMNR shares as part of a broader buy-the-dip move in crypto-linked names. [9]
Other outlets tracking ARK’s daily trade disclosures also highlighted BMNR buys in mid-December. [10]
On the traditional filings side, MarketBeat highlighted a 13F showing Strong Tower Advisory Services acquired 276,412 shares in the third quarter (reported as roughly $14.35 million in value). [11]
This kind of institutional flow can cut both ways:
- It can support liquidity and keep BMNR on the radar.
- It can also amplify volatility if the same funds rotate out quickly during crypto drawdowns.
Business model reality check: from mining roots to ETH-treasury identity (and the “Holdings” confusion)
If you’ve seen older references that sound like a different company name, that’s not your imagination. BMNR’s profile has been evolving rapidly, and some market databases note it was formerly known as Sandy Springs Holdings Inc. [12]
In its annual report, BitMine describes itself as holding a combination of digital assets—primarily ETH—along with cash and other interests, and it explicitly frames itself as a leading ETH treasury. [13]
The market implication is blunt: traditional operating metrics matter less right now than ETH NAV (net asset value) mechanics—how many tokens per share, how they’re acquired, and whether future issuance changes the per-share math.
Forecasts and price targets: thin analyst coverage, noisy predictions
Forecasting BMNR is tricky because it’s a hybrid of:
- ETH price exposure
- capital-structure decisions (issuance, ATM, governance)
- equity-market risk appetite
On “Wall Street-style” targets, coverage appears limited. MarketWatch shows an average target price of $47.00 with one rating. [14]
TradingView also displays an analyst target of $47.00 (again reflecting a very small sample). [15]
That limited coverage is worth emphasizing: a single analyst target is not a consensus—it’s a data point with a megaphone.
On the “market commentary” side, the tone is split:
- A Seeking Alpha analysis published today frames BMNR as an “Ethereum treasury play” trading below book value, highlighting the possibility of staking-driven upside and technical levels traders are watching. [16]
- A Motley Fool piece this week takes the opposite stance: it argues BMNR’s market value is now close to the value of its ETH holdings, and that many investors may be better off owning ETH (or a spot ETH vehicle) directly rather than taking on added corporate and dilution risk. [17]
- Yahoo Finance also flagged the stock’s extreme run-up over the past six months and posed the key question: can the rally persist into 2026? [18]
Translation: the “forecast” for BMNR is basically a forecast for (a) ETH, plus (b) shareholder dilution choices, plus (c) risk-on sentiment. That’s why predictions range from bold upside narratives to “just buy ETH.”
The 2026 catalyst investors keep circling: staking (MAVAN) and the dividend timeline
Beyond “buy more ETH,” BitMine is pitching a potential next step: converting a huge treasury into something that can generate yield.
The company says it is working on a staking solution called the Made in America Validator Network (MAVAN), targeted for deployment in early calendar 2026. [19]
Whether that becomes a meaningful per-share earnings stream—or more of a marketing narrative—will depend on implementation details and how staking economics evolve.
On shareholder returns, BitMine also announced an annual dividend of $0.01 per share, with a stated payable date of December 29, 2025 (with earlier record and ex-dividend dates already passed). [20]
In practice, the dividend is tiny relative to BMNR’s price; the significance is symbolic: it’s the company trying to signal “this is not just a pile of tokens; we intend to return capital.” Markets may or may not reward that signal.
What investors should know before the next session (and into the Jan. 15 vote)
The exchange is open right now, but looking ahead is still useful—especially because BMNR can gap hard on crypto moves.
Here are the pressure points to watch into the next trading session and beyond:
- ETH price direction and volatility: BMNR has been trading like an ETH proxy, and today’s ETH dip is showing up in BMNR.
- Share authorization vote optics: The jump from 500M to 50B authorized shares is the kind of proposal that can dominate sentiment regardless of ETH price. [21]
- Annual meeting logistics and deadlines: The company lays out specific registration and voting cutoffs ahead of Jan. 15, 2026. [22]
- Capital-raising cadence: The proxy emphasizes flexibility for equity issuance and notes potential dilution effects—investors should read any future ATM activity through that lens. [23]
- Institutional flow updates: ARK’s buying has been part of the story; shifts in those flows can move momentum quickly in both directions. [24]
Bottom line: BMNR is an ETH mega-treasury with a corporate “per-share math” problem to solve
Right now, BMNR’s most important variables aren’t found in a typical income statement model. They’re found in:
- ETH held per share
- how that ETH is financed
- whether governance choices protect or dilute per-share exposure
- whether staking turns treasury into yield
Today’s market action—BMNR down as ETH slips, while the S&P 500 is flat—fits the thesis: BitMine is trading as a high-beta crypto equity, not a normal tech stock.
References
1. www.prnewswire.com, 2. www.prnewswire.com, 3. www.prnewswire.com, 4. www.sec.gov, 5. www.sec.gov, 6. www.sec.gov, 7. www.sec.gov, 8. www.sec.gov, 9. www.barrons.com, 10. www.tipranks.com, 11. www.marketbeat.com, 12. seekingalpha.com, 13. www.sec.gov, 14. www.marketwatch.com, 15. www.tradingview.com, 16. seekingalpha.com, 17. www.fool.com, 18. finance.yahoo.com, 19. www.prnewswire.com, 20. www.prnewswire.com, 21. www.sec.gov, 22. www.sec.gov, 23. www.sec.gov, 24. www.barrons.com
