BitMine (BMNR) Stock Plunges as Ethereum Bet Backfires

Sunday, November 23, 2025 — Las Vegas / New York

BitMine Immersion Technologies, Inc. (NYSE American: BMNR) — the largest corporate holder of Ethereum — is closing out a brutal week in the spotlight. The stock has slumped more than 20% even as the company reported blockbuster profits, announced the crypto sector’s first annual dividend and doubled down on its ultra-aggressive plan to control 5% of ETH’s supply. ^[1]

Below is a detailed, SEO-friendly rundown of all the major BitMine (BMNR) news hitting feeds around November 23, 2025, with a focus on articles dated today and the last 48 hours.

Disclaimer: This article is for informational and educational purposes only and is not investment, financial, or legal advice. Crypto and equities are high‑risk; always do your own research and consider speaking with a licensed professional.

Key Takeaways

Stock under pressure: BMNR is down roughly 24–25% over the past week and about 52% from September levels, despite a 1‑year gain of around 260%. ^[2]
Huge Ethereum treasury: BitMine now controls about 3.5–3.6 million ETH, roughly 2.8–2.9% of total supply, with “crypto + cash + moonshots” holdings of about $11.8 billion. ^[3]
Big profits, tiny dividend: For fiscal 2025, BitMine reported $328.2 million in net income and GAAP EPS of $13.39, and declared a $0.01-per-share annual dividend, which it says makes it the first large‑cap crypto company to pay a dividend. ^[4]
Ethereum crash = multi‑billion unrealized loss: Analysts estimate BitMine is now sitting on $3.7–4.0 billion in unrealized losses on its ETH holdings as prices slid more than 40% from their peak. ^[5]
Strategy: “Alchemy of 5%”: BitMine’s goal is to accumulate 5% of Ethereum’s supply, backed by an estimated $24.5 billion in equity raises and a forthcoming “Made‑in‑America Validator Network” (MAVAN) to start ETH staking in early 2026. ^[6]

Where BMNR Stands Today (Nov. 23, 2025)

U.S. equity markets are closed this Sunday, so the freshest price data reflects Friday’s last trade and weekend quote updates.

Data aggregators show BitMine last around $26–26.60 per share, implying a market cap near $7.4 billion and a one‑year gain of roughly 260%. ^[7]
Over the past week, the stock fell about 24.4%, according to both Yahoo Finance and multiple analyst write‑ups. ^[8]
Trend‑following service MarketClub calls BMNR a “strong downtrend” across short‑, medium‑ and long‑term time frames, advising traders to exercise caution. ^[9]

The volatility is tightly linked to Ethereum’s sharp drawdown. Several outlets note that BitMine behaves less like a traditional operating company and more like a leveraged, fee‑heavy proxy for ETH itself. ^[10]

Today’s Fresh Headlines (Nov. 23, 2025)

1. AInvest: “Why Its Stock Fell 24.4% This Week and Whether to Buy”

AI‑assisted outlet AInvest published a short piece early Sunday titled “Bitmine Immersion Technologies: Why Its Stock Fell 24.4% This Week and Whether to Buy.” ^[11]

Key points from that article:

BitMine’s 24.4% weekly decline is attributed primarily to Ethereum’s price plunge, which directly erodes the company’s net asset value (NAV).
The piece argues that because BitMine’s business model is essentially buying and holding ETH, investors might prefer owning Ethereum directly instead of paying the embedded costs of a listed company.
It notes that BitMine’s market cap still trades close to, or below, estimates of its underlying crypto holdings, but suggests this doesn’t automatically make the stock attractive given fees, execution risk and concentration in a single asset.

The tone is cautious: AInvest positions BMNR as high‑risk and speculative, rather than a straightforward value play.

2. AInvest: “BitMine’s 5% Ethereum Supply Play: Strategic Accumulation in a Volatile Market”

Later on Sunday, AInvest released a more in‑depth explainer on BitMine’s so‑called “alchemy of 5%” strategy. ^[12]

Highlights:

BitMine aims to own 5% of all ETH in circulation by 2025, and is already around 2.9% of supply with roughly 3.5 million ETH. ^[13]
The firm has reportedly raised around $24.5 billion in equity to fund this buying spree, essentially converting shareholder capital into Ethereum on its balance sheet. ^[14]
Ethereum’s drop of roughly 28% to about $2,700 has wiped out an estimated $1.8 billion from BitMine’s holdings, with the stock sliding over 50% in a month, according to the article’s summary of on‑chain and market data. ^[15]
AInvest underscores BitMine’s plan to unlock yield by launching its Made‑in‑America Validator Network (MAVAN) in early 2026, transforming the treasury from “idle” ETH into a staking‑based revenue stream. ^[16]

The article frames BitMine as a high‑risk, high‑reward institutional ETH vehicle whose success depends on both a future Ethereum bull cycle and flawless execution of its staking and treasury strategy.

3. AInvest: “BitMine’s 5% Ethereum Strategy: A Game‑Changer for Institutional Crypto Exposure”

A third AInvest piece, published late Sunday morning, zooms out to the broader institutional implications of BitMine’s approach. ^[17]

It emphasizes:

BitMine now holds about 3.56 million ETH, which AInvest values at $11.8 billion, echoing the company’s own November holdings update. ^[18]
The firm recently added ~373,000 ETH, buying into weakness as prices fell, a classic “buy the dip” institutional strategy. ^[19]
By targeting 5% of ETH’s supply, BitMine could gain meaningful influence over staking, governance, and liquidity in the Ethereum ecosystem, effectively becoming a structural player in DeFi and tokenization. ^[20]
The piece argues that BitMine is trying to position itself as the Ethereum analogue to early corporate Bitcoin treasuries, turning ETH into a core institutional asset class. ^[21]

Again, the tone is bullish on Ethereum’s long‑term prospects but very clear about short‑term pain and balance‑sheet risk.

4. Yahoo Finance: “BMNR Is Down 24.4% After Return to Profitability and Leadership Overhaul”

A Yahoo Finance brief early Sunday notes that BitMine shares are down 24.4% even after the company: ^[22]

Returned solidly to profitability with more than $328 million in net income and $13.39 GAAP EPS for fiscal 2025. ^[23]
Completed a leadership shake‑up, appointing Chi Tsang as CEO, replacing Jonathan Bates, and adding three new independent directors while Tom Lee remains chairman. ^[24]

The takeaway: even good news on earnings and governance hasn’t stopped the share price from sliding as Ethereum collapses and investors reassess risk.

5. TipRanks: New Risk Disclosure Around International Operations

Late Saturday night, TipRanks published an auto‑generated note titled “Bitmine Immersion Technologies Faces Financial Risks Amid Ethereum Volatility.” ^[25]

According to TipRanks:

BitMine’s latest regulatory filing adds a fresh risk factor under “International Operations”, highlighting the vulnerability of its business to global Ethereum market swings and cross‑border considerations.
The piece flags BMNR as a company where investors should pay close attention to newly disclosed risk language, especially given the scale of its ETH exposure.

While short and formulaic, it reinforces a broader narrative: risk factors are being updated just as volatility spikes.

Earnings Shock: Big Profits, First‑Ever Crypto Dividend

The biggest “hard” news event behind all of this commentary is BitMine’s November 21 earnings release, in which the company reported:

Full‑year fiscal 2025 net income:$328,161,370
Fully diluted GAAP EPS:$13.39 per share
Annual cash dividend:$0.01 per BMNR share, with
- Declaration date: Nov. 21, 2025
- Ex‑dividend date: Dec. 5, 2025
- Record date: Dec. 8, 2025
- Payable date: Dec. 29, 2025 ^[26]

BitMine describes itself here as the “largest ETH treasury in the world” and claims it is the first large‑cap crypto company to declare an annual dividend — a symbolic step aimed at signaling maturity and shareholder‑friendliness. ^[27]

The release also details:

Plans to launch MAVAN (Made‑in‑America Validator Network) in Q1 2026, a dedicated Ethereum staking infrastructure built with top institutional‑grade partners. ^[28]
A focus on “natively staking” ETH at scale to generate yield, rather than simply holding coins idle.
An upcoming annual shareholder meeting at Wynn Las Vegas on Jan. 15, 2026. ^[29]

Yet, despite the impressive earnings, the market reaction has been harsh. Investing.com notes that BMNR’s stock, around $26 on Friday, is down more than 24% in the past week even after these results — underscoring just how dominant the Ethereum macro backdrop is over company‑specific fundamentals. ^[30]

The Mega Ethereum Treasury and “Alchemy of 5%”

BitMine’s core identity now is as an Ethereum treasury operator rather than a traditional mining company.

According to its November 17 chairman’s message and multiple follow‑up articles: ^[31]

BitMine holds about 3.6 million ETH, equating to roughly 2.9% of the total Ethereum token supply.
Its “crypto + cash + moonshots” portfolio totals about $11.8 billion, including:
- 3.6M ETH
- Roughly $607 million in unencumbered cash
- Other crypto assets and strategic bets. ^[32]
The company markets this as the halfway mark toward its “Alchemy of 5%” target — acquiring 5% of all ETH through aggressive capital raises and ongoing purchases. ^[33]

Throughout early November, BitMine issued several press releases and was covered extensively in crypto media for:

Buying an additional ~82,000 ETH (about $300 million at the time), boosting its holdings to nearly 3.4 million ETH, or 2.8% of supply. ^[34]
Subsequently adding over 54,000 ETH, roughly $170 million of purchases, as ETH slipped below $3,000 — bringing holdings up near the current 3.5–3.6M range and emphasizing a “buy the dip” philosophy. ^[35]

BitMine’s chairman, Thomas “Tom” Lee, has repeatedly argued that recent crypto weakness stems from liquidity shocks — notably an October 10 liquidation event he calls the largest single‑day washout in crypto history — and that prior cycles suggest a V‑shaped recovery once liquidity normalizes. ^[36]

Mounting Unrealized Losses and Valuation Debate

The other side of the story: what happens when you buy billions of dollars of ETH and the price falls hard.

$3.7–4.0 Billion in Unrealized Losses

A CoinCentral analysis estimates BitMine faces about $3.7 billion in unrealized losses on its Ethereum holdings, based on an average purchase price of roughly $4,051 per ETH versus recent prices under $2,800. ^[37]
CoinDesk separately reports that BitMine is sitting on over $4 billion in unrealized losses after ETH dropped around 45% from its August peak, with BMNR’s share price plunging about 84% from its July high and the premium to NAV effectively evaporating. ^[38]

Both analyses argue that:

BitMine’s modified NAV (mNAV) has slipped below 1, meaning the market now values the company at or even less than its underlying holdings, once debt and dilution are factored in. ^[39]
High management and advisory compensation plus layered fee structures could “quietly erode returns” for long‑term shareholders, especially when staking yields are modest relative to U.S. money‑market rates. ^[40]

Overvaluation Warnings and Technical Downtrend

Back in September, InvestingPro flagged BMNR as significantly overvalued when it traded around $54.21:

Their fair‑value model suggested the stock was almost 47% overvalued, and since then BMNR has dropped to roughly $26, a 52% decline in two months, according to Investing.com’s recap. ^[41]
Despite the sell‑off, InvestingPro’s latest fair‑value estimate of $16.81 implies more downside risk, at least through that lens. ^[42]

Separately, a Sunday technical report from MarketClub labels BMNR as being in a “strong downtrend” across all timeframes, reinforcing the idea that momentum remains firmly bearish for now. ^[43]

Leadership Shake‑Up and Business Model Pivot

BitMine’s fundamentals aren’t just about ETH prices. The company has been rapidly reinventing itself.

According to company descriptions and recent coverage: ^[44]

BitMine Immersion Technologies started as a Bitcoin mining and hosting operation but has pivoted to become a “Bitcoin and Ethereum Network Company” with an emphasis on ETH treasury operations and digital‑asset ecosystem services.
It’s headquartered in Las Vegas, Nevada, and was previously known as Sandy Springs Holdings Inc., incorporated in 2019. ^[45]

The leadership overhaul has been another major storyline:

On Nov. 15, 2025, BitMine named Chi Tsang as its new CEO, replacing Jonathan Bates, while keeping Tom Lee on as chairman and adding three new independent board members. ^[46]
Coverage from CoinCentral notes that at the time of the CEO change, BitMine’s ETH stash exceeded 3.5 million tokens (valued then at over $11 billion) and that ARK Invest had recently bought around $2 million of BMNR shares, even as the stock had fallen more than 30% in a month. ^[47]

The mixed signals are striking: some institutional players are still accumulating BMNR, while other analysts are warning loudly about overvaluation and structural risks.

Key Risks Investors Are Watching

Based on the latest news cycle, several recurring risk themes emerge:

Single‑Asset Concentration
- BitMine is overwhelmingly tied to Ethereum price movements. A prolonged ETH bear market could continue to compress NAV and test the company’s balance sheet. ^[48]
Unrealized Losses and Liquidity
- With multi‑billion‑dollar paper losses, any need to sell ETH into a weak market could crystallize those losses and further pressure the stock. ^[49]
Fee and Governance Structure
- Critics like 10x Research’s Markus Thielen argue that high compensation packages, advisory fees and opaque structures could trap shareholders in a kind of “Hotel California” — you can check in, but getting out without damage is hard when the NAV premium disappears. ^[50]
Staking Yield vs. Risk‑Free Rates
- Current ETH staking yields around ~3% look modest compared with U.S. money‑market yields; after costs and intermediaries, the effective yield to BMNR shareholders could be even lower. ^[51]
Derivatives and Short Exposure
- Nasdaq’s press‑release feed shows the launch of BMNZ, a 2x short ETF on BitMine, giving traders an easy way to bet against the stock and potentially amplifying volatility. ^[52]
Regulatory and International Operations Risk
- New risk language flagged by TipRanks under “International Operations” suggests the company itself is warning about cross‑border and regulatory uncertainties in a more explicit way than before. ^[53]

What to Watch Next

For readers tracking BMNR into year‑end and 2026, the most important catalysts likely include:

Ethereum price path: A sustained ETH recovery would ease pressure on BitMine’s NAV and could re‑inflate its premium — but further declines would deepen losses. ^[54]
Execution of MAVAN staking in Q1 2026: Investors will be watching how much ETH is actually staked, what net yield BitMine can capture after fees, and whether that meaningfully changes the earnings profile. ^[55]
Shareholder meeting at Wynn Las Vegas (Jan. 15, 2026): Expect questions around governance, compensation, treasury strategy and the pace of ETH accumulation. ^[56]
Regulatory moves and ETF competition: As more Ethereum ETFs and structured products launch, investors may prefer low‑cost, transparent vehicles over complex digital‑asset treasuries like BitMine. ^[57]

For now, BitMine Immersion Technologies sits at the center of one of the boldest corporate crypto bets in history — a company riding a fine line between visionary Ethereum super‑cycle play and deeply exposed, fee‑laden risk structure.

Again, nothing in this article should be taken as a recommendation to buy, sell, or hold BMNR or any cryptocurrency. Always evaluate your own risk tolerance and seek professional advice where appropriate.

Fundstrat's Tom Lee on being named chairman of BitMine Immersion Technologies