NEW YORK, Dec. 28, 2025, 10:59 a.m. ET — Market closed
BitMine Immersion Technologies, Inc. (NYSE American: BMNR) is heading into the final full trading week of 2025 with investors watching two forces that can tug the stock in opposite directions: the company’s rapidly evolving Ethereum-treasury narrative—including fresh reports of Ethereum staking activity—and renewed scrutiny around valuation after a steep pullback from mid-year highs. [1]
With U.S. equities closed for the weekend, BMNR won’t trade again until Monday’s regular session. But crypto markets remain open, and weekend moves in Ethereum can still influence sentiment and gap risk into Monday’s open for ETH-linked equities like BMNR.
Where BMNR left off Friday
BMNR last traded at $28.31, down about 3.6% on the day, after moving between $27.92 and $29.96 with volume of roughly 32.7 million shares—an active tape for a NYSE American-listed name. [2]
The bigger context is volatility: BMNR has posted a 52-week range of roughly $3.20 to $161.00, underscoring just how fast the market reprices the stock when the crypto-treasury story accelerates—or cools. [3]
Meanwhile, Ethereum was trading around $2,947 on Sunday morning, a reminder that the underlying asset BMNR is most closely tied to can move meaningfully before the next equity bell.
The last 24–48 hours: what the headlines are actually saying
Even with the equity market closed, BMNR has been in the news cycle. Over the past two days, coverage has clustered around three themes:
1) Reports of BMNR-linked Ethereum staking activity
In one of the most widely circulated developments, Cointelegraph reported that wallets linked to BitMine sent 74,880 ETH to an Ethereum proof-of-stake contract using a “BatchDeposit” pattern, citing Arkham on-chain data. The report described it as the company’s first attempt to stake part of its ETH holdings and included commentary from on-chain analyst EmberCN about potential yield assumptions. [4]
Why it matters for BMNR stock: staking reframes a massive ETH treasury from a passive asset pile into something closer to a yield-bearing strategy—though with trade-offs like operational risk and liquidity constraints associated with staking and withdrawals.
2) A valuation “reset” narrative after a major drawdown
An Investing.com analysis published within the last day highlighted a dramatic example of how quickly valuation sentiment can shift in crypto-treasury equities. The piece pointed to InvestingPro’s Fair Value framework, noting that BMNR’s subsequent decline brought the stock near the model’s cited fair value level after it had previously been flagged as overvalued at higher prices. [5]
Whether readers agree with that model or not, the key investor takeaway is that BMNR is now trading in a price zone where “discount to crypto holdings/NAV” arguments are getting louder again, especially as the company continues to emphasize the scale of its Ethereum position.
3) Institutional-position stories driven by 13F filings
A separate thread came from institutional ownership headlines. MarketBeat reported that Voya Investment Management disclosed a BMNR position of 44,813 shares in a quarterly filing, alongside other institutions that have reported positions as well. [6]
Important nuance: 13F filings are backward-looking snapshots (quarter-end holdings) and do not necessarily reflect current positioning today. Still, they can shape perception about whether BMNR is attracting traditional asset-manager interest.
The core BMNR thesis, straight from company filings: “Ethereum treasury + scale + staking plans”
To understand why staking headlines are resonating, investors typically anchor back to what BitMine itself has told markets about the size and composition of its treasury.
In a Dec. 22 announcement filed with the SEC (Exhibit 99.1), the company said that as of Dec. 21 at 3:00 p.m. ET, its holdings included 4,066,062 ETH, 193 BTC, $1.0 billion in cash, and a $32 million stake in Eightco Holdings categorized as “moonshots,” with “crypto + total cash + moonshots” totaling $13.2 billion. [7]
That same filing includes comments from Thomas “Tom” Lee of Fundstrat, identified as Chairman of BitMine, who described the 4 million ETH milestone as a major marker and said the company was progressing toward its stated “Alchemy of 5%” objective (a reference to acquiring 5% of ETH supply). Lee also discussed the company’s staking initiative—MAVAN (Made in America Validator Network)—which he said is planned for deployment in early 2026. [8]
For stock investors, the big mechanical question is: how much of BMNR’s equity value is being treated as a proxy for its ETH holdings versus a premium (or discount) for management’s ability to compound value through staking, capital markets activity, and liquidity.
Forecasts and analyst-style outlooks: what’s available (and what isn’t)
BMNR’s forecast landscape is unusual: traditional Wall Street coverage appears limited compared with large-cap tech or industrial names, and many “price targets” circulating online are sourced from aggregators rather than a deep bench of analysts.
Still, Investing.com lists an average 12-month price target of $53.5 with a high estimate of $60 and a low estimate of $47, and indicates an overall “Strong Buy” rating based on the analysts it tracks. [9]
On the independent research side, Seeking Alpha published an analysis within the last 48 hours describing BMNR as an “Ethereum treasury play” and arguing the stock trades below book value / at a discount to NAV, while also flagging technically important price zones that traders are watching. [10]
Investors should treat these as viewpoints—not guarantees—especially for a stock that can move sharply with crypto prices, liquidity conditions, and company-specific capital decisions.
If you’re holding BMNR into Monday: the key “know before the next session” checklist
Because the stock exchange is closed today, the practical investor work happens before the opening bell.
Watch crypto first, not just equity futures
BMNR trades during U.S. market hours, but its narrative is tethered to Ethereum. Any meaningful weekend move in ETH can translate into Monday gap risk. Ethereum was around $2,947 Sunday morning; that number can change fast.
Staking is a catalyst—but it changes the risk profile
If BMNR is beginning to stake ETH (as reported by Cointelegraph), investors may start modeling potential staking yield. But staking also introduces:
- operational/validator risk,
- protocol and withdrawal-timing considerations,
- and heightened attention to centralization/regulatory narratives around large stakers.
The market can reward “yield generation,” but it can also penalize perceived liquidity constraints.
The Jan. 15 shareholder meeting and dilution math matter
BMNR has a scheduled annual meeting on Jan. 15, 2026 (Las Vegas), and the proxy materials outline proposals that can materially affect the equity story—especially a charter amendment to increase authorized common shares. [11]
In the definitive proxy statement, the company describes a proposal to raise authorized common stock from 500,000,000 shares to 50,000,000,000 shares, and it explicitly notes potential dilution risk and possible adverse effects on market price if additional shares are issued. [12]
For Monday’s setup, that means traders may react not only to ETH price action, but also to any renewed chatter about future equity issuance capacity.
Dividend timing: what to expect
BitMine declared an annual dividend of $0.01 per share, with a payable date of Dec. 29, 2025 (Monday). [13]
Because the ex-dividend date has already passed, the dividend is less about “getting in before the cutoff” and more about cash-flow mechanics, investor base signaling, and any incremental sentiment effect around the company’s positioning as a crypto-linked stock paying a dividend.
The bottom line for BMNR stock into Monday
BMNR enters Monday’s session as a high-beta, ETH-sensitive equity with:
- a deeply polarized debate around NAV/valuation after a large pullback, [14]
- fresh staking-related headlines that could reshape the “treasury” narrative into a “yield” narrative, [15]
- and a governance calendar (including an authorized-share expansion proposal) that investors will likely weigh as a real dilution overhang, not a theoretical footnote. [16]
For many investors, the near-term question is whether Monday’s price action treats staking as a credible next step in monetizing the treasury—or as a reminder that BMNR remains, at its core, a highly leveraged sentiment vehicle on Ethereum’s direction and crypto market risk appetite. [17]
References
1. www.sec.gov, 2. www.nasdaq.com, 3. www.investing.com, 4. www.tradingview.com, 5. www.investing.com, 6. www.marketbeat.com, 7. www.sec.gov, 8. www.sec.gov, 9. www.investing.com, 10. seekingalpha.com, 11. www.sec.gov, 12. www.sec.gov, 13. www.sec.gov, 14. www.investing.com, 15. www.tradingview.com, 16. www.sec.gov, 17. www.sec.gov
