NEW YORK, December 30, 2025, 03:48 ET — Market closed
Shares of Bitmine Immersion Technologies last traded at $28.54, up 0.8% from the previous close, after swinging between $27.80 and $29.60 in Monday’s session. The company said its crypto, cash and other investments totaled $13.2 billion as of Dec. 28, including 4,110,525 ether — the token of the Ethereum blockchain — at $2,948 each, 192 bitcoin, $1.0 billion in cash, a $23 million stake in Eightco Holdings and 408,627 staked ether. “Year-end tax-loss related selling is pushing down crypto and crypto equity prices,” Chairman Thomas “Tom” Lee said, noting Bitmine added 44,463 ether in the past week. 1
Bitmine sits in a growing corner of the market where listed companies use equity capital to build large cryptocurrency “treasuries,” turning their stocks into proxies for the underlying tokens. That structure can amplify moves in both directions when investors rotate toward or away from risk.
The timing matters heading into year-end, when liquidity often thins and crypto prices can move sharply. Bitcoin was down about 2% and ether was off about 1.3% early Tuesday, pressuring the broader group of crypto-linked equities.
A filing on Monday showed Bitmine also distributed a shareholder presentation, a video and an audio message tied to its upcoming annual meeting. The materials were furnished under a Form 8-K filing, the document U.S. companies use to disclose major events between regular reports. 2
In its proxy statement, Bitmine told shareholders the annual meeting will be held on Jan. 15 in Las Vegas. The agenda includes director elections and a proposal to increase the number of authorized shares — the ceiling on shares a company can issue — alongside votes on an incentive plan and a performance-based compensation arrangement for the executive chairman. 3
Authorized-share proposals tend to land hard in crypto-treasury trades because many of them fund token purchases through stock issuance. Strategy, the largest corporate bitcoin holder, has leaned on share sales to finance buys — a model that has drawn investor scrutiny during bitcoin pullbacks. 4
With most of Bitmine’s balance sheet tied to ether and other crypto assets, investors will keep comparing the share price to the company’s net asset value per share — essentially what its tokens and cash are worth after dividing by shares outstanding. When the stock trades well above that value, issuing shares to buy more tokens can be accretive; when it trades below, dilution fears usually rise.
Staking is another lever investors watch because it aims to turn idle tokens into yield. It involves locking up tokens to help run a blockchain network in exchange for rewards, similar to earning interest, though returns can vary with network conditions and fees.
Bitmine has been a volatile name since mid-2025, when it drew broader market attention as more public firms started building crypto-heavy treasuries. Reuters reported in July that billionaire Peter Thiel disclosed a 9.1% stake in the company, a filing that sent the shares sharply higher at the time. 5
Before the next session, investors will be watching the release of minutes from the Federal Reserve’s latest policy meeting for clues on how long rates may stay restrictive. Rate expectations often influence crypto and other risk assets by shifting the appeal of cash and government bonds. 6
Trading conditions could also stay choppy into the end of the year, with U.S. stock markets open on New Year’s Eve but closed on New Year’s Day, while the bond market closes early on Dec. 31. Thin trading can exaggerate moves in smaller, high-beta stocks such as BMNR. 7
