BitMine Immersion Technologies, Inc. (NYSE American: BMNR) is ending Monday, Dec. 22, 2025 with investors focused on one core question: is BMNR trading like an “Ethereum treasury proxy,” or is dilution and governance risk starting to dominate the narrative?
After the closing bell, BMNR’s price action looked relatively contained compared with the stock’s recent swings — but today’s news flow was anything but quiet, highlighted by a fresh Ethereum holdings milestone and a key proxy amendment that could shape how shareholders vote on the company’s requested share authorization increase.
BMNR stock after the bell: where it closed and where it traded post-market
BMNR closed the regular session at $31.09 at 4:00 p.m. ET, after trading in a wide intraday range. Data tracked by StockAnalysis shows Dec. 22 open $32.68, low $30.50, and close $31.09, with heavy turnover (over 40 million shares). [1]
In after-hours trading, quotes varied by timestamp: MarketWatch showed BMNR flat at $31.09 around 5:18 p.m. ET with about 2.08 million shares traded after hours at that point. [2] StockAnalysis later showed BMNR around $31.37 near 8:00 p.m. ET, implying a modest late post-market uptick versus the close. [3]
Why that matters for tomorrow (Dec. 23): even a “quiet” after-hours session can turn quickly for BMNR because the stock often responds to (1) crypto price moves, and (2) treasury/disclosure headlines.
What changed today: BitMine says it now holds 4.066 million ETH
The biggest catalyst on Dec. 22 was BitMine’s treasury update, released in the morning and also filed with the SEC on Form 8‑K. [4]
The headline numbers (as of Dec. 21 at 3:00 p.m. ET)
According to the company, its combined crypto + cash + “moonshots” totaled $13.2 billion, consisting of:
- 4,066,062 ETH, valued at $2,991 per ETH (Coinbase reference price)
- 193 Bitcoin (BTC)
- $1.0 billion in cash
- A $32 million stake in Eightco Holdings (labeled “moonshots”) [5]
BitMine also said its Ethereum position equals 3.37% of ETH supply (the company referenced 120.7 million ETH supply) and noted it added 98,852 ETH over the past week. [6]
Investing.com framed the same update as BMNR moving closer to a stated goal of acquiring 5% of total ETH supply, and noted that BitMine’s market capitalization “closely mirrors” the reported holdings at the time of publication. [7]
Why investors care: BMNR is increasingly valued like a crypto “treasury company”
BitMine’s messaging continues to position BMNR less as a traditional mining/tech operator and more as a public-market vehicle for Ethereum exposure, similar to how Strategy (MSTR) is frequently discussed as a Bitcoin-treasury proxy. The company explicitly called itself the largest ETH treasury and the #2 global crypto treasury behind Strategy. [8]
That framing sets up a simple (but volatile) valuation driver for tomorrow:
If ETH moves meaningfully overnight, BMNR often reacts — sometimes more than ETH itself.
The proxy amendment filed today: why it matters for dilution risk
After the bell, another filing deserves attention heading into Tuesday: a DEFR14A (Definitive Proxy Statement amendment) dated Dec. 22, 2025.
What the amendment says — in plain English
In an explanatory note, BitMine’s amendment clarifies that the Charter Amendment Proposal (the proposal to increase authorized shares) is considered a “routine” matter under applicable rules, meaning brokers/banks/nominees may exercise discretionary voting authority on that proposal if beneficial owners do not give instructions. [9]
Why this is important for BMNR stock:
- “Routine” treatment can materially affect vote math, because uninstructed shares held at brokerages may still be voted.
- For traders, that raises the probability the authorization increase passes — and with it, the probability of future share issuance.
What the underlying proxy says about the share authorization proposal
In the company’s definitive proxy statement (filed earlier in December), BitMine outlines that approval of the charter amendment would allow it to issue additional common stock for strategic transactions and notes it has an at‑the‑market (ATM) offering program under which it may sell shares from time to time. The proxy also highlights risks: additional issuance can be dilutive and could pressure the stock price. [10]
The same proxy states that as of the Dec. 8, 2025 record date, there were 425,841,924 shares of common stock outstanding and entitled to vote. [11]
Bottom line: for Tuesday’s session, dilution/governance isn’t a background issue — it’s a front-page variable that can change how investors price BMNR relative to its ETH holdings.
What analysts and market commentary said today: targets are bullish, but coverage is thin
A key nuance for anyone reading “forecasts” on BMNR: formal Wall Street coverage appears limited versus mega-cap equities. Several data aggregators and news summaries published today still cite a small analyst pool, which can make price targets look deceptively definitive.
- StockAnalysis summarizes BMNR as having one analyst with a “Strong Buy” rating and a $47 12‑month price target (roughly implying upside from the low-$30s). [12]
- GuruFocus referenced a $53.5 target price and discussed BMNR’s volatility and profitability optics (including treasury mark-to-market effects), while also highlighting balance sheet liquidity and the unusual earnings quality dynamics in treasury-heavy structures. [13]
Meanwhile, trading-oriented commentary today leaned heavily into technical levels and the stock’s drawdown from prior highs:
- A Benzinga piece highlighted BMNR trading around $31 and described it as “about $2” above a critical support level, while reiterating the company’s ETH milestone and liquidity stats. [14]
- A crypto.news analysis pointed to chart patterns and argued a rebound case for 2026, tying upside to Ethereum catalysts and BitMine’s planned staking initiative (while also acknowledging the stock’s steep decline from prior peaks). [15]
What to watch before the market opens Tuesday, Dec. 23, 2025
Here’s the practical checklist for tomorrow morning — specifically for BMNR holders and traders.
1) Ethereum and crypto tape overnight
Because BitMine explicitly marks its treasury narrative to ETH, any sharp ETH move into U.S. premarket can ripple into BMNR quickly. Today’s treasury update pegged ETH at $2,991 (as of Dec. 21, 3 p.m. ET) for valuing the disclosed holdings — a reference point many traders will keep in mind. [16]
2) Proxy-vote headlines: “routine” status raises the stakes
The DEFR14A amendment is a real governance catalyst: it changes how investors think about the odds of the authorization proposal passing, which in turn impacts dilution expectations. [17]
If BMNR trades weak in premarket despite stable ETH, this proxy/dilution overhang is one of the more likely explanations.
3) Macro data before the bell (can move risk appetite)
Even if BMNR is crypto-driven, broader risk sentiment still matters — especially in a holiday-thinned tape.
Events scheduled for Tuesday include:
- U.S. GDP (Q3) at 8:30 a.m. ET
- Consumer Confidence (Dec.) at 10:00 a.m. ET
- Richmond Fed Manufacturing Index (Dec.) at 10:00 a.m. ET [18]
Separately, the U.S. Census Bureau calendar lists the Advance Report on Durable Goods scheduled for Dec. 23, 2025 at 8:30 a.m. ET. [19]
4) Holiday week mechanics: liquidity can vanish fast
U.S. stocks opened the holiday-shortened week higher on Monday, but Reuters noted volumes were light and expected to thin further into Christmas, with markets closing early midweek and closed on Dec. 25. [20]
NYSE’s official calendar confirms an early close at 1:00 p.m. ET on Wednesday, Dec. 24, 2025, and markets closed Thursday, Dec. 25. [21]
For BMNR, thinner liquidity can amplify intraday swings — particularly if crypto is moving at the same time.
The big picture for BMNR heading into Dec. 23
As of after-hours Monday night, the story around BitMine Immersion Technologies (BMNR) is increasingly a tug-of-war between:
- Treasury strength and scale (4.066M ETH; $13.2B crypto/cash snapshot; goal of 5% ETH supply). [22]
- Structure and dilution risk (share authorization proposal + ATM context; and now, a proxy amendment that says brokers may vote the authorization proposal without instructions). [23]
If ETH is firm overnight, the market’s next question becomes: does BMNR trade at a premium to its disclosed holdings (a “treasury multiple”), or does the market keep pushing it toward (or below) treasury value because future share issuance remains on the table?
This article is for informational purposes only and is not investment advice.
References
1. stockanalysis.com, 2. www.marketwatch.com, 3. stockanalysis.com, 4. www.prnewswire.com, 5. www.prnewswire.com, 6. www.prnewswire.com, 7. www.investing.com, 8. www.prnewswire.com, 9. www.sec.gov, 10. www.sec.gov, 11. www.sec.gov, 12. stockanalysis.com, 13. www.gurufocus.com, 14. www.benzinga.com, 15. crypto.news, 16. www.prnewswire.com, 17. www.sec.gov, 18. www.scotiabank.com, 19. www.census.gov, 20. www.reuters.com, 21. www.nyse.com, 22. www.prnewswire.com, 23. www.sec.gov
