BitMine Immersion Technologies, Inc. (NYSE American: BMNR) is back in the spotlight on December 18, 2025, as the stock attempts to rebound after a steep pullback—while fresh institutional buying, a major shareholder vote, and still-unusually high crypto-treasury exposure keep the name near the top of “most watched” lists.
By early afternoon, BMNR was trading around $30 with a day’s range roughly $29–$32, underscoring the volatility that has defined the stock in recent weeks. [1]
Below is what’s driving BMNR today, what the latest filings say, and how current forecasts and technical signals stack up as of 18.12.2025.
What’s happening with BMNR stock today
1) Cathie Wood’s ARK keeps buying BitMine
One of the clearest “today” catalysts is another round of ARK Invest dip-buying.
According to ARK’s published daily trades for Wednesday, Dec. 17, 2025, the firm bought 360,232 shares of BitMine Immersion Technologies, valued at about $11.3 million—a notable single-day add that reinforces BMNR’s role as a high-beta, crypto-linked equity ARK appears willing to accumulate during weakness. [2]
This comes amid a broader narrative across crypto-related equities: big swings in digital assets are feeding into sharp rotation and rebalancing among the most liquid “proxy” stocks for the sector.
2) A new SEC proxy-solicitation filing landed today (DEFA14A)
Also on Dec. 18, BitMine filed additional definitive proxy soliciting materials (DEFA14A)—essentially communications designed to push shareholders to vote ahead of the company’s annual meeting. [3]
In the filing, the messaging explicitly urges shareholders to vote and notes the board recommends voting “FOR” all proposals, with outreach conducted through Alliance Advisors (phone and online voting options are referenced). [4]
This matters because the underlying proxy agenda includes items that investors are watching closely for potential dilution and governance implications (more below).
3) “Gap up” headlines meet a volatile tape
Market coverage today also focused on BMNR’s attempt to stabilize after heavy selling pressure earlier in the week, with reports highlighting a gap-up move and renewed debate over whether the stock is “time to buy” after the drawdown. [5]
The bigger story: BMNR is an Ethereum-treasury stock first, miner second
BitMine’s public positioning has increasingly emphasized Ethereum (ETH) accumulation and treasury management. In its own disclosures, the company describes itself as a U.S.-based digital asset technology company focused on acquiring, holding, and actively managing ETH as its primary treasury reserve asset, offering investors indirect ETH exposure through its capital markets activity. [6]
That framing helps explain why BMNR can trade less like a traditional mining/hosting operator—and more like a leveraged vehicle tied to the direction of ETH, liquidity conditions, and risk appetite.
The headline number investors keep circling: 3.97 million ETH and $13.3B in crypto + cash
In a Dec. 15, 2025 operational update, BitMine reported:
- ETH holdings of 3.97 million tokens
- Total crypto + cash (plus other items referenced in the release) of $13.3 billion
- Cash of $1.0 billion
- A claim that BitMine holds more than 3.2% of total ETH token supply [7]
Those figures are central to any BMNR valuation discussion because they effectively invite investors to compare BMNR’s market value and trading price to an ETH-heavy balance sheet that can reprice quickly.
The Dec. 18 proxy filing connects to a high-stakes January vote
BitMine’s annual meeting is scheduled for January 15, 2026 in Las Vegas, with a record date of December 8, 2025. [8]
Proposal 2: a massive authorized share increase (500 million → 50 billion)
The most debated proposal is the charter amendment to increase authorized common shares from 500,000,000 to 50,000,000,000. The proxy explains that if approved, the board would be able to issue additional shares without further shareholder approval unless required by law or exchange rules. [9]
For investors, this is the heart of the dilution question:
- Supporters may view it as strategic flexibility for funding ETH accumulation, staking infrastructure, acquisitions, or other capital markets maneuvers.
- Critics may see it as an unusually large authorization that increases dilution risk—even if issuance doesn’t happen immediately.
Proposal 4: a special performance-based compensation plan for Executive Chairman Tom Lee
The proxy also asks shareholders to approve a “special, multi-year, performance-based” compensation arrangement connected to Thomas J. Lee’s transition to Executive Chairman. [10]
Key terms disclosed include:
- Up to $95 million in cash opportunity over five years (including a fixed component totaling $35 million, with a $15 million upfront payment and additional annual fixed payments). [11]
- A performance cash component tied to revenue hurdles (binary annual bonus if hurdles are hit), with targets of $200M (FY27), $300M (FY28), $400M (FY29), $500M (FY30). [12]
- Equity awards up to 6.0 million shares maximum (time-based RSUs plus performance-based RSUs/PSUs). [13]
- PSU performance hurdles tied to stock price (e.g., $125 and $250), market cap (e.g., $25B and $50B), and ETH market-share milestones (e.g., 4% and 5% of ETH). [14]
Whatever one thinks of the structure, it clearly signals management is steering shareholders toward a thesis of continued scaling—both in corporate performance metrics and in ETH accumulation.
Why the DEFA14A matters today
Today’s DEFA14A is effectively the company turning up the volume to ensure participation and reduce “no vote received” outcomes, while emphasizing that the board recommends a “FOR” vote across proposals. [15]
Corporate changes: CFO transition heading into 2026
On the governance side, BitMine disclosed that it entered into a Separation Agreement with CFO Raymond Mow, memorializing the terms of his transition and separation, effective January 16, 2026. [16]
Separately, the company stated that the CFO resignation was not related to a disagreement with the company on operations, policies, or practices. [17]
For markets, executive turnover can matter less than the “why” and the “what next”—but in a high-volatility, crypto-treasury story, leadership continuity and controls around treasury/risk management are not trivial investor concerns.
Earnings and dividend context investors are re-checking
BitMine’s most recent annual results release highlighted:
- FY25 net income of $328.16 million
- Fully diluted EPS of $13.39
- A plan to launch its “Made-in-America Validator Network” (MAVAN) for Ethereum staking in early 2026 / Q1 2026
- An annual dividend of $0.01 per share, payable Dec. 29, 2025 (with ex-dividend and record dates in early December). [18]
Those numbers are striking—especially in a crypto-linked business—yet investors should keep in mind that digital-asset accounting and price swings can cause earnings measures to move dramatically year to year.
Forecasts and analyst outlook for BMNR as of Dec. 18, 2025
Analyst price targets: bullish, but coverage is thin
The most visible sell-side coverage cited across market data providers comes from B. Riley, which initiated at $90 (Oct. 16, 2025) and later adjusted to $47 while maintaining a Buy rating (Nov. 20, 2025). [19]
On Investing.com’s compiled view (polling the past three months), BMNR shows:
- Overall consensus: Strong Buy
- Average 12-month price target: $53.50
- High: $60; Low: $47
- 2 analysts in the dataset [20]
Important nuance for readers: two analysts is not “broad Wall Street coverage.” It’s directionally meaningful—but the forecast range may change quickly as the stock and ETH move.
Technical analysis on Dec. 18: “Strong Sell” signals meet oversold-style debate
From a purely technical standpoint, Investing.com’s indicator summary for BMNR on Dec. 18 shows:
- Daily summary: Strong Sell
- RSI and multiple momentum indicators in “Sell” territory
- Moving averages skewing bearish beyond the very short term (e.g., MA50 and MA200 shown as “Sell”) [21]
That kind of readout often fuels a split market:
- Short-term traders may look for mean reversion after sharp declines.
- Trend followers may remain cautious until price reclaims key averages.
Options market “forecast”: expected move into Dec. 19 expiration
Options-implied volatility also points to big potential swings. One widely cited options analytics view pegged BMNR’s expected move for options expiring Dec. 19, 2025 at about ±$1.94 (roughly 6.6%), implying a trading range around $27.51–$31.39. [22]
BMNR stock: what to watch next (the near-term catalyst checklist)
1) The shareholder vote and dilution math
The proposal to increase authorized shares to 50 billion is likely to remain the single biggest corporate overhang/option value driver into January. [23]
2) ETH price action and treasury updates
With BitMine explicitly positioning itself around ETH treasury strategy—and disclosing multi-million ETH holdings—BMNR is functionally tethered to ETH’s direction and market liquidity. [24]
3) Leadership transition
CFO turnover effective mid-January adds a governance variable at the same time shareholders are being asked to approve major capital and compensation proposals. [25]
4) Staking roadmap
Management has pointed to early-2026 staking infrastructure (MAVAN) as part of the next leg of the strategy, which could affect narrative around yield generation from the ETH position. [26]
Bottom line for Dec. 18, 2025
BMNR is trading today at the intersection of institutional dip-buying, crypto-treasury exposure, and a pivotal proxy cycle. The stock’s bounce attempts are real—but so are the factors that keep it volatile: a massive authorized-share proposal, leadership transition risk, and the simple reality that a multi-million-ETH treasury can amplify both upside and downside.
Analyst targets currently imply substantial upside, but the dataset is small and the path depends heavily on execution, governance outcomes, and crypto markets. [27]
References
1. www.investing.com, 2. ph.investing.com, 3. www.sec.gov, 4. www.sec.gov, 5. www.marketbeat.com, 6. www.otcmarkets.com, 7. www.stocktitan.net, 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.sec.gov, 17. www.sec.gov, 18. www.prnewswire.com, 19. www.investing.com, 20. www.investing.com, 21. www.investing.com, 22. optioncharts.io, 23. www.sec.gov, 24. www.stocktitan.net, 25. www.sec.gov, 26. www.prnewswire.com, 27. www.investing.com
