As of 3:33 a.m. ET in New York on Saturday, December 27, 2025, U.S. stock exchanges are closed for the weekend, meaning BitMine Immersion Technologies, Inc. (NYSE American: BMNR) will not trade again until the next regular session. [1]
That timing matters for BMNR more than for most tickers: the company’s equity has increasingly behaved like a high-beta, public-market proxy for Ethereum exposure, while crypto trades 24/7. A meaningful move in ETH over the weekend can translate into a gap up or gap down when equities reopen.
BMNR stock: latest price action into the weekend
BMNR was last indicated around $28.31, down about 3.58% on the most recent session, with a high near $29.96 and low near $27.92 and unusually heavy volume.
Meanwhile, in crypto markets (still open), Ethereum (ETH) was trading around $2,934 and Bitcoin (BTC) around $87,569 at the time of checking—both modestly lower versus their prior reference points.
Zooming out, Friday’s broader market tape was described as quiet and post-holiday-thin, with major U.S. indices slightly lower and liquidity still affected by the Christmas week calendar—conditions that can amplify volatility in fast-moving, narrative-driven names like BMNR. [2]
Why BitMine (BMNR) is getting attention: an Ethereum “treasury strategy” at massive scale
BitMine began 2025 known primarily for crypto mining and related services, but it has increasingly marketed itself as a Bitcoin and Ethereum “network company” focused on accumulating crypto for long-term investment. [3]
The headline driver right now is the size and pace of BitMine’s Ethereum holdings.
Latest holdings update: 4,066,062 ETH and $13.2B in crypto + cash + “moonshots”
In an SEC-filed Exhibit 99.1 dated December 22, 2025, BitMine reported that as of December 21 at 3:00 p.m. ET, it held:
- 4,066,062 ETH (valued in the release at $2,991/ETH using Coinbase pricing)
- 193 BTC
- $1.0 billion in total cash
- A stake described as ~$32 million in Eightco Holdings (ticker referenced as ORBS) labeled “moonshots”
The company framed these as $13.2 billion in combined “crypto + total cash + moonshots” holdings and said its ETH position represented 3.37% of the ETH supply. [4]
That same filing includes commentary from Fundstrat’s Thomas “Tom” Lee, identified as BitMine’s chairman, highlighting the pace of accumulation and positioning the strategy as a bridge between traditional finance and on-chain tokenization. [5]
Context: This “treasury company” framing has precedent in public markets—most famously Strategy (formerly MicroStrategy) with Bitcoin. Investopedia previously described BitMine as “sort of like Strategy for Ether,” noting the company’s pivot toward an ETH treasury approach and the investor interest that followed. [6]
The calendar is loaded: annual meeting, dilution vote, incentives, and a proxy amendment
BMNR’s next major corporate catalyst is its Annual Meeting of Stockholders on January 15, 2026 (Las Vegas), and the agenda is not routine housekeeping—especially for a company increasingly valued on crypto net asset value and capital markets optionality. [7]
Proposal 2: Increase authorized common shares from 500 million to 50 billion
In its definitive proxy statement, BitMine disclosed that its board adopted the advisability of a charter amendment to increase authorized common shares from 500,000,000 to 50,000,000,000. [8]
Why it matters: Authorization is not the same thing as immediate issuance, but it dramatically expands the company’s ability to raise equity capital, fund acquisitions, or finance additional crypto purchases—without returning to shareholders for approval in many cases.
The proxy explicitly says the company has an at-the-market (ATM) offering program in place and that additional authorized shares would allow it to pursue strategic transactions and capital raises as needed. [9]
The company also highlights the risks—dilution and control dynamics
The proxy doesn’t sugarcoat the tradeoff. It states that issuing additional shares may be dilutive, could adversely affect the market price, and could also be used in ways that delay or prevent changes of control (even if not intended as an anti-takeover move). [10]
For investors, this is the crux: BMNR is effectively “equity + leverage + access” on a massive ETH pile. More authorized shares can mean:
- More purchasing power to accumulate ETH and build staking infrastructure, or
- More dilution risk if equity issuance accelerates faster than per-share crypto value creation.
A key update many investors miss: the revised proxy (DEFR14A) changed how brokers may vote on the share authorization proposal
On December 22, 2025, BitMine filed an amendment stating that the charter amendment proposal is considered “routine” under applicable rules, meaning brokers/nominees may exercise discretionary voting authority on that proposal if beneficial owners do not provide instructions. [11]
That nuance can affect probabilities. In many contested votes, “broker non-votes” can effectively act as friction; a “routine” classification can reduce that friction for management-backed proposals.
Proposal 3 and Proposal 4: incentive plan and executive chairman compensation
The January meeting agenda also includes approval of a 2025 Omnibus Incentive Plan and a special, performance-based compensation arrangement for Executive Chairman Thomas J. Lee. [12]
The proxy lays out performance hurdles tied to factors such as stock price levels, market capitalization thresholds, and ETH share-of-supply milestones, which is unusual in its direct linkage to crypto treasury objectives. [13]
Earnings, dividend, and the “MAVAN” staking buildout
Another major pillar of the BMNR narrative is a planned transition from holding ETH to earning yield on ETH—and using that yield story to support equity valuation.
In an SEC-filed earnings release (Exhibit 99.1) dated November 21, 2025, BitMine reported:
- Fiscal 2025 net income of $328,161,370
- Fully diluted EPS of $13.39
- A declared annual dividend of $0.01 per share (with an ex-dividend date of Dec. 5, 2025 and payable date Dec. 29, 2025)
- Plans to launch a staking infrastructure called MAVAN (Made-in-America Validator Network) in Q1 2026, including pilot testing with staking providers [14]
Even though the dividend’s ex-date is already past, the payable date (Dec. 29) lands on the next trading week—another item investors may see in headlines and confuse with a new entitlement. The key takeaway: new buyers after the ex-date typically aren’t entitled to that declared dividend; the market usually prices that in around the ex-date. [15]
Who’s involved: institutional names and earlier stake headlines
BMNR has drawn attention not only because of ETH exposure, but also because of the investor roster repeatedly referenced in media and company releases.
- Reuters reported in July 2025 that Peter Thiel disclosed a 9.1% stake, which pushed shares higher at the time and positioned him as a top investor based on then-available data. [16]
- Investopedia has noted that investors included ARK Invest and Founders Fund, and highlighted the speed of BitMine’s ETH accumulation after its strategy shift. [17]
- BitMine’s own SEC-filed Dec. 22 update again lists supporters including Cathie Wood (ARK), Founders Fund, Bill Miller III, and several crypto/VC names—though investors should treat any such list as company-provided framing and verify through filings where possible. [18]
Analyst forecasts and price targets: what exists (and what doesn’t)
BMNR is unusual: it trades like a mega-cap narrative stock at times, but it’s still a specialized name where analyst coverage can be thin compared with typical NYSE/Nasdaq large caps.
Two snapshots investors commonly see:
- Investing.com lists BMNR’s consensus as “Strong Buy” based on 2 analysts, with an average 12-month price target of $53.50 (high $60, low $47). [19]
- TipRanks displays an average target of $47.00, based on 1 analyst in the timeframe it tracks. [20]
The important interpretation isn’t “$47 vs. $53.50.” It’s this: the sample size is small. In thinly covered stocks—especially ones whose valuation is tightly linked to a volatile underlying asset (ETH)—price targets can lag reality, diverge across platforms, and change abruptly after major moves or filings.
What investors should know before the next BMNR trading session
Because it’s Saturday and the exchange is closed, the actionable edge is preparation, not prediction. Here’s what tends to matter most for BMNR into the Monday open:
1) Watch ETH first, BMNR second
BitMine’s latest disclosed ETH position is enormous (over 4.0 million ETH). That makes BMNR highly sensitive to ETH’s direction—especially when equity markets are shut but crypto moves. [21]
A sharp weekend ETH move can translate into:
- A gap at Monday’s open
- Wider spreads and whipsaws in the first 15–30 minutes
- A divergence between BMNR price and estimated NAV per share if liquidity is thin
2) Expect “low-liquidity weirdness” in the last week of the year
Post-Christmas trading can remain thin, and Reuters described Friday’s session as quiet with light catalysts—conditions that can exaggerate moves in high-volume momentum names. [22]
3) The January 15 vote is a real catalyst—especially the 50B authorization
Whether you view it as “strategic flexibility” or “dilution risk,” the proxy makes clear the board wants the option to issue substantially more equity and references an existing ATM program. [23]
And the amended filing clarifying the charter proposal as “routine” can influence the vote dynamics for street-name holders. [24]
4) Weekly holdings updates can move the stock
BitMine has repeatedly issued holdings updates (Dec. 8, Dec. 15, Dec. 22) and markets have treated them like mini “earnings events” because they change the implied crypto NAV narrative. [25]
5) Understand what “staking in 2026” would actually change
The company’s MAVAN thesis is that staking could turn a passive ETH treasury into a yield-generating one (and potentially support dividends or operating revenue narratives). That’s plausible in mechanism—ETH staking exists—but execution details matter (custody, slashing risk, counterparty risk, regulatory considerations, uptime, and economics). BitMine has stated MAVAN is expected to go live in Q1 2026 and that it has selected pilot partners to test staking with a portion of ETH. [26]
Bottom line
Going into the weekend close, BMNR remains one of the market’s most extreme “Ethereum treasury” expressions, with a disclosed position of 4,066,062 ETH and a corporate roadmap that includes staking infrastructure in 2026 and a share authorization vote that could reshape dilution expectations. [27]
Because the exchange is closed right now, the practical investor homework is straightforward:
- Track ETH (and broader crypto sentiment) through the weekend,
- Read the proxy mechanics carefully (especially the revised broker-voting clarification),
- Treat analyst targets as low-sample datapoints, not gravity,
- And assume volatility remains the base case in year-end liquidity conditions. [28]
References
1. www.nyse.com, 2. www.reuters.com, 3. www.investopedia.com, 4. www.sec.gov, 5. www.sec.gov, 6. www.investopedia.com, 7. www.sec.gov, 8. www.sec.gov, 9. www.sec.gov, 10. www.sec.gov, 11. www.sec.gov, 12. www.sec.gov, 13. www.sec.gov, 14. www.sec.gov, 15. www.sec.gov, 16. www.reuters.com, 17. www.investopedia.com, 18. www.sec.gov, 19. www.investing.com, 20. www.tipranks.com, 21. www.sec.gov, 22. www.reuters.com, 23. www.sec.gov, 24. www.sec.gov, 25. www.prnewswire.com, 26. www.sec.gov, 27. www.sec.gov, 28. www.sec.gov
