BitMine Immersion Technologies (BMNR) Stock: New CEO, Dividend and 3% of Ethereum Supply After 80% Crash

BitMine Immersion Technologies, Inc. (NYSE American: BMNR) has become one of 2025’s wildest stories on Wall Street: a former bitcoin miner that morphed into a massive Ethereum treasury vehicle, briefly rocketed 3,000% in a week, attracted billionaire backers – and then crashed more than 80% from its summer peak. ^[1]

As of the close on Friday, November 28, 2025, BMNR stock changed hands at $33.12, up around 4% on the day, after yet another burst of Ethereum buying and a flurry of November headlines that included record earnings, the company’s first dividend, and a new CEO. TS2 Tech

This article summarizes the key developments in BitMine Immersion Technologies stock as of November 30, 2025, and explains why the name is now central to the debate over so‑called “digital-asset treasury” companies. It is for information only and does not constitute investment advice.

BMNR stock today: price, range and volatility

BitMine remains one of the most actively traded and volatile crypto‑linked equities in the U.S.

Last close (Nov 28, 2025): $33.12
Intraday range: roughly $32.03–$35.20
Volume: about 51.2 million shares, above its recent average
Market capitalization: approximately $12.7 billion
52‑week range:$3.20 to $161.00 ^[2]

A weekend wrap‑up from TechStock² notes that despite Friday’s bounce, BMNR shares are still down about 46% over the last 30 days, even after a gain of more than 300% over the past year. TS2 Tech

Put simply, BMNR has traded less like a typical tech stock and more like a leveraged options bet on Ethereum, with wide intraday swings and rapid shifts in sentiment whenever crypto markets move.

From small miner to Ethereum mega‑treasury

BitMine’s current profile is the result of a dramatic pivot in 2025.

In mid‑2025, the company raised $250 million in a private placement to buy Ethereum as its primary treasury reserve asset, explicitly taking inspiration from Michael Saylor’s bitcoin‑heavy Strategy Inc. (MSTR). ^[3]
Around the same time, Fundstrat co‑founder Tom Lee became chairman of the board, sharpening the company’s identity as a high‑conviction crypto balance‑sheet play. ^[4]
A July Reuters report detailed how Peter Thiel’s Founders Fund disclosed a 9.1% stake in BitMine, helping push the stock up another ~15% in a single session and cementing the company’s status as a favored vehicle for aggressive crypto‑themed investors. ^[5]

By August, BitMine had already become one of the world’s largest disclosed corporate holders of ether. An August analysis from Investopedia highlighted that the company held over 833,000 ETH at that point and openly aimed to acquire up to 5% of the entire ETH supply – a goal management branded the “Alchemy of 5%.” ^[6]

Since then, the numbers have grown far larger.

November treasury update: 3.63 million ETH and $11.2 billion in assets

The most important data point for BMNR today is what sits behind the ticker on BitMine’s balance sheet.

In a November 24 press release, the company reported that as of the evening of November 23 it held: ^[7]

3,629,701 ETH at roughly $2,840 per token
192 BTC
A $38 million equity stake in Eightco Holdings (ORBS)
Approximately $800 million in unencumbered cash

In total, BitMine’s self‑described “crypto + cash + ‘moonshots’” holdings amounted to roughly $11.2 billion. Management estimates that 3.63 million ETH represents about 3% of the Ethereum network’s circulating supply, making BitMine the largest Ethereum treasury holder in the world and the second‑largest corporate crypto treasury overall, behind only Strategy’s bitcoin stash. ^[8]

CoinDesk’s coverage of the same announcement underscores how aggressive the buying has been: BitMine acquired 69,822 ETH (≈$195 million) in just one week, even as crypto prices and its own share price were falling. ^[9]

A subsequent on‑chain‑driven report from CoinGape adds that on November 28 BitMine purchased a further 14,618 ETH (≈$44.3 million) via a BitGo wallet. The site estimates BitMine now holds around 3.6 million ETH and pegs the firm’s enterprise value near $12.2 billion versus crypto holdings of about $11.2 billion, implying a market‑to‑NAV multiple (mNAV) of roughly 1.08. ^[10]

The takeaway: BMNR functions less like a traditional operating business and more like a publicly‑traded Ethereum mega‑treasury with modest operating revenue attached.

Fiscal 2025 earnings: big GAAP profit driven by asset marks

Despite the brutal drawdown in the stock, BitMine’s headline earnings numbers for fiscal 2025 (year ended August 31, 2025) were striking.

In a November 21 earnings release, the company reported: ^[11]

Net income: $328,161,370
Fully diluted GAAP EPS:$13.39 per share
Trailing 12‑month revenue: about $6.1 million

Data from StockAnalysis confirm those figures and show a trailing price‑to‑earnings ratio near 2.5x at recent prices – an unusually low multiple that mainly reflects the way unrealized gains and losses on the crypto portfolio flow through the income statement. ^[12]

Most of BitMine’s reported earnings are mark‑to‑market swings in digital assets, not recurring cash flows from operations. That distinction is critical for investors trying to compare BMNR with more conventional tech or financial stocks.

BitMine’s first dividend – symbolically tiny, but historically notable

Alongside earnings, BitMine declared its first annual dividend, a move it has promoted heavily in investor communications.

According to the earnings release and subsequent dividend notices: ^[13]

Dividend per share:$0.01
Declaration date: November 21, 2025
Ex‑dividend date: December 5, 2025
Record date: December 8, 2025
Payment date: December 29, 2025

Management describes BitMine as the first large‑cap crypto company to declare an annual dividend, presenting the move as a signal of commitment to shareholder value even amid extreme volatility. ^[14]

In dollar terms, the yield is negligible at current prices, but for a sector dominated by growth‑and‑speculation narratives, the optics of a dividend‑paying Ethereum treasury vehicle are unusual and potentially important for attracting certain institutional investors.

MAVAN: turning a giant ETH pile into a staking business

To move beyond mere balance‑sheet speculation, BitMine is planning to monetize its ETH holdings via staking.

The company’s 2025 earnings release introduced MAVAN – the “Made‑in‑America Validator Network” – a dedicated Ethereum staking infrastructure platform scheduled to launch in Q1 2026. ^[15]

Key points from BitMine’s disclosures:

The firm has selected three institutional staking providers for a pilot program using a small portion of its ETH to test security, performance, and service quality. ^[16]
MAVAN is intended to become a bespoke validator network for BitMine’s own ETH and potentially for third‑party clients, positioning the company as a U.S.-based institutional staking hub rather than merely a passive holder. ^[17]

If fully implemented, MAVAN could transform BMNR from a pure mark‑to‑market proxy into a yield‑generating Ethereum platform, though the eventual impact on cash flows will depend on:

the share of ETH that is actually staked,
net staking yields after fees and operational costs, and
demand from external clients in a crowded institutional staking market.

Leadership reset: Chi Tsang replaces Jonathan Bates as CEO

Amid the financial fireworks, BitMine has also undergone a leadership overhaul.

On November 14, 2025, the company announced that Chi Tsang had been appointed Chief Executive Officer and a member of the board, succeeding long‑time CEO Jonathan Bates. ^[18]

The same announcement added three independent directors: ^[19]

Robert Sechan, founder of NewEdge Capital Group and CEO of NewEdge Wealth
Olivia Howe, Chief Legal Officer at RigUp
Jason Edgeworth, asset manager for JPD Family Holdings

A profile on IQ.wiki and coverage by CoinDesk emphasize Tsang’s background in traditional finance and venture capital: over 20 years of experience at firms including HSBC and Lehman Brothers, founder of venture fund m1720, and a venture capital lecturer at Fordham’s Gabelli School of Business. ^[20]

The market reaction, however, was muted to negative. Coindesk and other outlets reported that BMNR traded lower on the day of the announcement amid a broader crypto sell‑off, highlighting how sentiment‑driven the stock remains. ^[21]

Funding the ETH binge: high‑premium share sales and dilution risks

BitMine’s aggressive Ethereum accumulation has required substantial external capital.

A September 22, 2025 SEC filing shows the company priced a $365.24 million registered direct offering at $70 per share, selling about 5.22 million shares alongside 10.4 million warrants with a strike price of $87.50. The offering price represented a 14% premium to the stock’s prior close, and management indicated the proceeds would be used primarily to acquire more ETH. ^[22]

While raising equity at a premium is superficially shareholder‑friendly, the overall strategy has still been highly dilutive over the course of 2025, as multiple offerings increased the share count while the stock later fell far below those issue prices.

Analysts cited in a late‑November CCN deep‑dive argue that this “issue equity to buy crypto” model works only as long as the stock trades at a meaningful premium to the value of its underlying assets; once that premium collapses, new issuance erodes existing shareholder value and can contribute to severe drawdowns. ^[23]

From 3,000% surge to 81% drawdown

The volatility in BMNR is not just about daily swings; it’s about the shape of the entire 2025 arc.

In early July, Business Insider reported that BitMine’s stock had surged 3,000% in five trading days, from about $4.50 to well over $100, after investors cheered its Ethereum treasury plan and capital raise. ^[24]
A Reuters piece later in July chronicled another spike after Peter Thiel revealed his 9.1% stake, with shares trading around $46 at that time – already up more than five‑fold year‑to‑date. ^[25]

By late November, though, the mood had reversed.

CCN estimates that BMNR has fallen roughly 81% from its peak, even as BitMine continued buying ETH and amassed roughly 3.63 million tokens (about 3% of supply). The article cites several factors behind the under‑performance versus ETH itself: ^[26]

Purchase timing and cost basis: a large portion of ETH was acquired at higher prices, leaving the company with over $4 billion in unrealized losses as ETH slid.
Concentration risk: BitMine is heavily concentrated in a single digital asset, with limited diversification into other business lines.
Equity dilution: repeated share offerings to fund more ETH buying have weighed on investor confidence.
NAV premium collapse: as the stock’s price premium to its net asset value evaporated, BMNR began trading more like a leveraged, single‑asset closed‑end fund than a growth company.

CoinDesk’s treasury update echoes this, noting that BMNR shares are down more than 80% from their July peak and that many digital‑asset treasuries now trade at or below the value of their underlying holdings. ^[27]

BMNR in the wider “digital‑asset treasury” shake‑out

BitMine is part of a broader group of companies now referred to as digital‑asset treasury (DAT) firms – public companies that hold large amounts of crypto on their balance sheets and effectively trade as proxies for those tokens.

A late‑November Reuters report highlights that at least 15 bitcoin‑treasury companies are now trading below the net asset value of the tokens they hold, as crypto prices fell and risk appetite waned. ^[28]

The Financial Times has also described a broader “crypto treasury reckoning”, noting that the total market capitalization of such firms has plunged as some have been forced to sell tokens to fund share buybacks or service debt, reversing earlier accumulation strategies. ^[29]

BitMine is one of the few DATs still aggressively increasing its holdings instead of selling, which amplifies both the upside potential if ETH recovers and the downside risk if the digital‑asset bear market persists. ^[30]

How Wall Street currently views BMNR stock

Analyst coverage of BMNR is still relatively thin given its size, but it has grown rapidly in recent months.

Data aggregated by StockAnalysis and MarketBeat indicate that: ^[31]

The stock carries a “Strong Buy” consensus rating from a small number of analysts.
The current 12‑month price target sits around $47, implying roughly 40% upside from the November 28 close near $33.
B. Riley Securities recently cut its target from $90 to $47 but maintained a Buy rating, citing volatility and drawdowns while still seeing upside versus current levels.
Zacks assigns BMNR a Rank #3 (Hold) and a “Value Score” of F, arguing that on its screens the stock screens as overvalued despite large drawdowns.

At the same time, third‑party valuation platforms disagree on whether BMNR trades at a premium or discount to NAV, depending on how they treat unrealized losses, warrants, and non‑ETH assets. Some show the stock below book value, while others suggest it sits above their modelled fair value, reflecting just how polarizing the name has become. TS2 Tech+2Investing.com India+2

Derivatives, ETFs and the volatility feedback loop

BMNR’s volatility is being amplified by the rapid growth of derivative products linked to the stock.

According to StockAnalysis and associated press releases: ^[32]

Defiance ETFs has launched the BMNR Option Income ETF (YBMN), which writes options on BitMine stock to generate income.
Defiance also rolled out BMNZ, a 2x daily short BMNR ETF, allowing traders to take leveraged bearish positions in a single trade.
Other providers have added BMNR to baskets of leveraged single‑stock products.

These instruments don’t change BitMine’s fundamentals, but they do increase trading velocity and can magnify flows into and out of the stock around news or macro events, further contributing to its reputation as a high‑beta trading vehicle rather than a stable long‑term compounder.

Key risks and potential catalysts for BitMine Immersion stock

Given the sheer complexity of BMNR’s story, investors following the stock into December 2025 are paying attention to a few core themes:

1. Ethereum price and volatility

BMNR remains tightly correlated with ETH, often moving more than the underlying coin on big up or down days. ^[33]

Sustained ETH weakness deepens BitMine’s unrealized losses and pressures its NAV.
A decisive ETH rebound, especially if accompanied by renewed enthusiasm for staking‑based yield, could rapidly re‑inflate BMNR’s premium and share price.

2. Pace and structure of future ETH accumulation

BitMine’s strategy is explicitly to keep buying ETH, targeting 5% of total supply. ^[34]

Investors will be watching whether:

the company slows its weekly purchases,
continues to rely primarily on equity issuance, or
explores debt, structured products, or tokenized vehicles to fund the rest of its accumulation.

Each route has different implications for dilution and risk.

3. MAVAN execution and staking economics

If MAVAN launches on time in Q1 2026 and successfully stakes a meaningful portion of BitMine’s ETH at competitive yields, BMNR could start to look less like a one‑way bet on price and more like a yield‑plus‑upside vehicle. ^[35]

The key unknowns:

Net staking yields after provider fees,
Regulatory treatment of large, concentrated staking entities, and
Whether external clients actually choose BitMine’s validator network over established providers.

4. Regulatory and macro backdrop

The entire DAT sector sits at the intersection of crypto regulation, interest‑rate expectations and ETF flows.

Recent coverage from Reuters and others notes that risk appetite in crypto has been dented by concerns over expensive tech valuations and uncertainty about U.S. Federal Reserve rate cuts, contributing to sharp drawdowns in bitcoin, ether and DAT shares. ^[36]

Any new rules affecting corporate crypto holdings, staking, or token accounting could materially change BMNR’s risk‑reward profile.

Bottom line: BMNR as a high‑octane Ethereum proxy

As of November 30, 2025, BitMine Immersion Technologies stock sits at the crossroads of multiple powerful narratives:

It is the largest public Ethereum treasury holder, with roughly 3% of all ETH on its balance sheet and an explicit goal of reaching 5%. ^[37]
It has posted eye‑catching GAAP profits driven by asset marks and declared a symbolic first dividend, while planning a large‑scale staking network (MAVAN) to monetize its holdings. ^[38]
At the same time, the stock has collapsed more than 80% from its summer highs, as equity dilution, multi‑billion‑dollar unrealized losses and a collapsing NAV premium have exposed the fragility of the digital‑asset‑treasury model. ^[39]

For bullish Ethereum investors, BMNR offers a high‑octane, equity‑market way to gain exposure to ETH plus potential staking yield – but with added layers of corporate, financing and sentiment risk. For skeptics, it exemplifies the dangers of leveraged single‑asset strategies in a still‑maturing asset class.

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