December 24, 2025 — BitMine Immersion Technologies, Inc. (NYSE American: BMNR) is ending 2025 as one of the market’s most unusual—and closely watched—crypto-linked equities: a public company that has shifted from mining into what it calls an Ethereum- and Bitcoin-treasury strategy, with disclosures showing it now holds more than 4 million ETH alongside cash and a smaller BTC position. [1]
BMNR shares traded around the $29 level in the Christmas Eve session, with the stock’s 52-week range spanning roughly $3.20 to $161.00, underscoring how sharply sentiment has swung as investors debate whether BMNR is a “liquid ETH proxy” or a high-volatility dilution risk. [2]
Below is a full roundup of the current news, forecasts, and market analysis as of 24.12.2025, plus the key dates and catalysts investors are focused on next.
BMNR stock today: price action and why trading remains headline-driven
On Dec. 24, 2025, BMNR traded in a relatively tight intraday band (roughly $28.74 to $29.68 cited by brokerage quote pages), after opening near the high-$29s. [3]
Even on quieter days, BMNR often moves less like a conventional operating company and more like a capital markets vehicle: price action can react quickly to (1) updated ETH holdings, (2) capital-raising capacity, and (3) governance votes that affect potential future share issuance. [4]
The biggest “current” headline: BitMine’s ETH treasury disclosure above 4.06 million tokens
The company’s most recent holdings update (distributed via an Exhibit 99.1 press release furnished to the SEC) stated that as of Dec. 21, 2025 at 3:00 p.m. ET, BitMine’s crypto holdings included:
- 4,066,062 ETH valued using a cited reference price of $2,991 per ETH (Coinbase)
- 193 BTC
- a $32 million stake in Eightco Holdings (NASDAQ: ORBS) described as “moonshots”
- $1.0 billion of cash
- and that its ETH balance represented 3.37% of ETH supply (citing 120.7 million ETH). [5]
This matters for BMNR because the market is increasingly valuing the stock against an implied “treasury NAV” narrative: the same release put total crypto + cash + moonshots at $13.2 billion, a figure that sits in the same neighborhood as BMNR’s reported market capitalization on major market-data sites during this week. [6]
Important context: these numbers are company-reported and tied to a specific timestamp; they can change materially with ETH price moves and any additional purchases/sales. [7]
Dec. 24 news: a new institutional position disclosed in BMNR
On Dec. 24, 2025, MarketBeat highlighted a Q3 13F filing showing Strong Tower Advisory Services initiated a position of 276,412 shares, valued at approximately $14.35 million in that filing, representing about 0.10% ownership (per MarketBeat’s summary). [8]
While one 13F doesn’t “prove” a trend, the filing is consistent with the broader story around BMNR in 2025: it has increasingly become a tradable instrument for institutional crypto views, particularly around Ethereum. [9]
The governance catalyst: shareholders vote Jan. 15, 2026 — including a massive authorized-share increase
A major near-term catalyst isn’t a mining update—it’s governance.
In its Definitive Proxy Statement, BitMine set its annual meeting for Thursday, Jan. 15, 2026 (12:00 p.m. PT) at the Wynn Las Vegas, with proposals that go directly to the heart of dilution and capital strategy. [10]
The headline proposal: increase authorized common shares from 500 million to 50 billion
According to the proxy statement, the board adopted and declared advisable a charter amendment to increase the number of authorized common shares from 500,000,000 to 50,000,000,000. [11]
The proxy further notes that if approved, the company’s total authorized capital stock would be 50,020,000,000 shares (50,000,000,000 common and 20,000,000 preferred). [12]
Why this is pivotal for BMNR’s “treasury company” playbook
The proxy statement explicitly ties the charter amendment to flexibility for strategic transactions and equity capital raises, and it also references the company’s at-the-market (ATM) offering program. [13]
It also spells out the risk investors focus on: issuing additional shares can be dilutive and may pressure the market price, even if it provides funding capacity for the business plan. [14]
Voting mechanics investors are watching
As of the Dec. 8, 2025 record date, the proxy reports 425,841,924 shares outstanding, and it states that the charter amendment requires approval by a majority of outstanding shares—meaning abstentions effectively count against the proposal. [15]
Another key vote item: the 2025 Omnibus Incentive Plan
The annual meeting agenda also includes approval of a 2025 Omnibus Incentive Plan that, per the proxy statement, would initially reserve 15,400,000 shares for issuance (subject to adjustments). [16]
For investors modeling “treasury NAV per share,” any mechanism that expands future share count tends to be scrutinized closely—especially alongside a very large authorized-share ceiling. [17]
Management change news: CFO transition disclosed in December
BitMine also disclosed a leadership transition involving its CFO.
A Form 8‑K states that on Dec. 11, 2025, the company entered into a Separation Agreement and General Release with CFO Raymond Mow, memorializing terms of his transition and separation, with his employment ending effective Jan. 16, 2026. [18]
The “forecast” picture: analyst targets exist, but coverage is thin and the range is wide
BMNR now has enough mainstream visibility to carry published price targets, but it still has limited analyst coverage compared to large-cap miners or exchanges.
Consensus targets reported by major market-data platforms
Investing.com’s consensus page on Dec. 24, 2025 showed:
- 2 analysts covering BMNR
- average 12‑month price target: $53.50
- high: $60
- low: $47
- overall consensus labeled “Strong Buy.” [19]
The most-cited recent target change: B. Riley cut, but kept a Buy stance
MarketBeat and TipRanks summaries both reflect that B. Riley reduced its target price from $90 to $47 while maintaining a Buy rating (noted as a November 20 update in those summaries). [20]
Zacks stance: Hold
MarketBeat’s roundup also notes Zacks moved BMNR to a Hold rating in an October report. [21]
How to read these forecasts: for BMNR, traditional earnings models often matter less than a blend of (1) ETH price, (2) the company’s ability to add ETH per share without excessive dilution, and (3) whether staking infrastructure creates meaningful recurring yield relative to operating costs and custody/security risks. [22]
What BMNR is trying to become: from crypto miner to ETH treasury + staking platform
BitMine’s 2025 communications position it as a “Bitcoin and Ethereum Network Company” focused on accumulating crypto for long-term investment, funded by mining operations and capital raising. The company’s FY25 release also describes operations in Trinidad and Texas (Pecos and Silverton). [23]
Staking catalyst: MAVAN targeted for Q1 2026
In its FY25 results release (furnished as Exhibit 99.1), BitMine said it plans to launch MAVAN (Made-in-America Validator Network)—a dedicated Ethereum staking infrastructure—during calendar Q1 2026, and disclosed it selected three staking providers for a pilot program using a small portion of ETH. [24]
If executed cleanly, staking could shift part of the story from “pure ETH beta” toward a combination of ETH exposure + protocol yield—but it also introduces operational and counterparty considerations (uptime, slashing risk, custody architecture, and governance optics given the scale of holdings). [25]
A dilution headline investors keep circling back to: the ATM and shelf capacity
Separate from the upcoming vote, BMNR’s prior filings show very large potential issuance capacity via capital markets programs.
An August 12, 2025 prospectus supplement describes an increase in the total amount of common stock eligible to be sold under its sales agreement, citing up to $24.5 billion in aggregate capacity (combining prior and new amounts) and noting prior sales under the program totaling roughly $4.5 billion before that supplement’s date. [26]
This does not mean the company will sell that amount, but it is part of why the Jan. 15, 2026 authorized-share vote is so central: it expands the legal ceiling for potential issuance that can fund further ETH accumulation—at the cost of potential per-share dilution. [27]
“Current” investor sentiment: big-name buying, but debate over “treasury stock mania” persists
BMNR has attracted high-profile attention during 2025:
- ARK Invest disclosed purchases of BMNR shares worth roughly $17 million in a trade-notice-based report highlighted by Barron’s and echoed by Yahoo Finance coverage. [28]
- Earlier in 2025, Reuters reported billionaire investor Peter Thiel disclosed a 9.1% stake, helping propel shares during a prior rally phase. [29]
- Investopedia has framed BitMine as “Strategy-like for Ether,” reflecting the broader market trend of public companies adopting crypto-treasury strategies. [30]
At the same time, other commentary in 2025 has questioned whether the broader “crypto treasury craze” resembles late-cycle speculative behavior—one reason BMNR can swing sharply on liquidity and risk-off moves in crypto. [31]
What to watch next for BitMine (BMNR) stock
1) ETH price direction and crypto liquidity
Because BMNR’s disclosed holdings are dominated by ETH, the stock remains highly sensitive to Ethereum’s price swings and broader crypto liquidity conditions. [32]
2) The Jan. 15, 2026 vote—especially the 50B authorized-share proposal
This vote is the near-term “make-or-break” governance event for investors focused on treasury NAV per share and future dilution risk. [33]
3) MAVAN staking milestones in Q1 2026
Any confirmation of staking going live—plus disclosures about validator architecture, partners, custody, and yield—could alter how the market values BMNR beyond simple ETH beta. [34]
4) Updated ETH holdings disclosures
BitMine has released holdings updates repeatedly through 2025, and the market has treated them as major price catalysts. [35]
Bottom line on Dec. 24, 2025
As of 24.12.2025, BitMine Immersion Technologies (BMNR) is best understood as a high-volatility Ethereum treasury story entering a pivotal governance window. The company’s latest SEC-furnished update cited 4,066,062 ETH, $1.0B cash, and $13.2B in total crypto/cash/moonshots—scale that helps explain the institutional interest and the stock’s extreme 2025 range. [36]
But the investment debate is now dominated by one question: can BMNR keep growing crypto holdings per share while expanding staking—without dilution and governance risks overwhelming the “treasury premium” narrative? The answer begins with the Jan. 15, 2026 shareholder vote. [37]
This article is for informational purposes only and does not constitute investment advice.
References
1. www.reuters.com, 2. www.investing.com, 3. robinhood.com, 4. www.sec.gov, 5. www.sec.gov, 6. www.sec.gov, 7. www.sec.gov, 8. www.marketbeat.com, 9. www.marketbeat.com, 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.sec.gov, 19. www.investing.com, 20. www.marketbeat.com, 21. www.marketbeat.com, 22. www.sec.gov, 23. www.sec.gov, 24. www.sec.gov, 25. www.sec.gov, 26. www.sec.gov, 27. www.sec.gov, 28. www.barrons.com, 29. www.reuters.com, 30. www.investopedia.com, 31. www.businessinsider.com, 32. www.sec.gov, 33. www.sec.gov, 34. www.sec.gov, 35. www.stocktitan.net, 36. www.sec.gov, 37. www.sec.gov
