BitMine Immersion Technologies, Inc. (NYSE American: BMNR) isn’t trading like a normal operating company right now—it’s trading like a publicly listed Ethereum balance sheet with a few business lines attached. And as of December 26, 2025, the story investors keep coming back to is simple: BitMine says it holds 4.066 million ETH, controls 3.37% of total ETH supply, and is pushing toward what it calls the “Alchemy of 5%” goal. [1]
That “treasury-first” identity is also why BMNR headlines tend to arrive in clusters: weekly ETH updates, big capital moves, and now a January 15, 2026 annual meeting where shareholders will vote on items that could materially shape the stock’s future—especially a proposal to dramatically expand authorized shares. [2]
Below is a comprehensive roundup of the latest BMNR stock news, forecasts, and notable analyst/commentary takes available as of Dec. 26, 2025, plus the key dates and risks that could matter most going into 2026.
BMNR stock price snapshot as of Dec. 26, 2025
Because U.S. markets were closed on Dec. 25 (Christmas Day) and the prior session on Dec. 24 ended early, many widely quoted “latest close” figures still point to $29.35 (Dec. 24 close). MarketBeat also showed extended-hours trading around $29.51 early on Dec. 26. [3]
Robinhood’s Dec. 26 session data shows BMNR trading in a range of roughly $28.74 to $29.68. [4]
Translation: the stock is still behaving like a high-volatility crypto proxy—just with equity market plumbing (halts, spreads, options flows) layered on top.
What BitMine Immersion Technologies actually is now (and why it moves with Ethereum)
BitMine historically operated crypto infrastructure (including mining and related services). But in 2025 it became widely covered for a much more market-moving pivot: building a massive Ether (ETH) treasury strategy—often compared to Strategy/MicroStrategy’s bitcoin-treasury playbook, except “Ether instead of BTC.” [5]
By mid-2025, major outlets were already describing BitMine as an “ether treasury” story, helped by high-profile names around the company (including Fundstrat’s Tom Lee and investors like Peter Thiel via disclosed stake). [6]
In BitMine’s own language, it’s now a “Bitcoin and Ethereum Network Company” focused on accumulating crypto for long-term investment—and using initiatives like staking to turn that treasury into recurring yield. [7]
The biggest current BMNR news: BitMine says it crossed 4.066 million ETH
1) BitMine’s stated treasury position: 4.066M ETH and $13.2B in “crypto + cash + moonshots”
In its Dec. 22, 2025 update, BitMine said:
- ETH holdings:4.066 million tokens
- ETH supply share:3.37%
- Total “Crypto + Total Cash Holdings + ‘Moonshots’”:$13.2 billion
- Cash:$1.0 billion
- And it reiterated the Jan. 15, 2026 annual meeting details [8]
That’s not a normal “corporate treasury” anymore—that’s a macro position that can tug on the equity valuation day-to-day as ETH price sentiment changes.
2) The pace of accumulation: ~$300M ETH purchase highlighted by crypto press
Crypto-focused reporting around the same period said BitMine added 98,852 ETH in a week—described as roughly a $300 million purchase—pushing holdings above the 4 million mark. [9]
Even if you ignore the drama, the math is wild: if 4.066M ETH represents 3.37% of supply, that implies total ETH supply around 120.6M—consistent with the scale cited in broader market coverage earlier in 2025. [10]
The January 15, 2026 shareholder meeting: the “dilution vs. war chest” referendum
BitMine will hold its annual stockholders meeting at the Wynn Las Vegas on January 15, 2026, and the published agenda includes multiple items that investors are watching closely—especially the share authorization vote. [11]
The headline proposal: increase authorized shares from 500 million to 50 billion
In its SEC proxy materials, the company describes a proposed charter amendment to increase authorized common shares from 500,000,000 to 50,000,000,000. [12]
The proxy also lays out the company’s rationale: with hundreds of millions of shares already outstanding and additional shares reserved for issuance, the company argues it needs flexibility for financing and other corporate purposes. [13]
But the same documents make the obvious risk plain: issuing more shares can dilute existing shareholders, and a very large authorization can function as an anti-takeover tool depending on how it’s used. [14]
Why this matters for BMNR stock: If the market believes expanded authorization equals “more ETH buying power,” bulls may treat it as rocket fuel. If the market believes it equals “permanent dilution overhang,” it can pressure valuation even when ETH is strong.
Dividend and staking: BitMine’s attempt to turn ETH into “income,” not just price exposure
In its fiscal 2025 earnings release (for the year ended Aug. 31, 2025), BitMine reported:
- Net income:$328,161,370
- Fully diluted EPS:$13.39
- Annual dividend:$0.01 per share
- Dividend payable date:Dec. 29, 2025
- Plan to launch MAVAN (Made-in-America Validator Network) staking infrastructure in Q1 2026, with pilot staking partners selected [15]
The dividend is small in dollars, but symbolically it’s part of BitMine’s “we’re not just a speculative token pile” narrative.
The staking plan is potentially more consequential. Ethereum staking yields fluctuate, but with a treasury this large, even modest yield percentages can become material—assuming execution, security, and regulatory conditions cooperate.
Management and governance updates: CFO separation and a shareholder “investigation” headline
CFO transition
BitMine filed an 8-K describing a separation agreement with CFO Raymond Mow, with employment ending January 16, 2026. The filing includes severance and transition details and states the resignation was not due to disagreements with the company. [16]
Leadership stability matters more than usual for a company effectively running a high-stakes, treasury-driven capital strategy—because the treasury is the story.
Shareholder investigation press release
A law firm, Purcell & Lefkowitz LLP, issued a PR Newswire release saying it is investigating BitMine on behalf of shareholders regarding possible fiduciary-duty issues tied to “recent corporate actions.” [17]
These announcements are not proof of wrongdoing (and they’re common around volatile stocks), but they do increase the background noise and can become a sentiment factor for some investors—particularly around governance votes like the authorized share increase.
Wall Street forecasts: BMNR analyst ratings and price targets
Analyst coverage for BMNR remains relatively thin, but here’s what the main aggregators showed heading into year-end:
- MarketBeat consensus rating:Buy (based on 3 analyst ratings)
- Consensus price target:$47.00
- Implied upside: about 60% from ~$29.35 [18]
MarketBeat’s detail also shows:
- B. Riley lowered a target from $90 to $47 (while indicating a Buy)
- ThinkEquity listed as an upgrade to Strong-Buy
- Zacks noted as an upgrade to Hold (not a price-target call) [19]
Important context: These targets are being formed in a regime where BMNR’s valuation can be dominated by ETH price moves, capital raises, and dilution expectations—so “fundamental price target” can behave more like a view on ETH and treasury strategy execution than a traditional operating-company model.
Technical and quant-style signals: mixed-to-bearish short-term reads
A number of technical-summary platforms leaned cautious into Dec. 26:
- TradingView’s technical summary referenced sell / strong sell signals and highlighted high volatility metrics. [20]
- StockInvest posted a “predicted fair opening price” for Dec. 26 around $29.21 (model-based). [21]
- CoinCodex’s technical indicator compilation tagged sentiment as bearish (indicator aggregation). [22]
Treat these like weather forecasts, not physics: useful for describing market posture, not for proving what happens next.
A practical valuation lens: “How much ETH do you get per BMNR share?”
Here’s the nerdy-but-useful way many BMNR traders frame it: BMNR ≈ ETH per share + cash per share + optionality (staking/business lines) − dilution risk.
Using the company’s stated figures and its proxy’s share count:
That implies roughly:
- ~0.00955 ETH per BMNR share (about “one-hundredth of an ETH” per share, give or take)
- Cash per share: with $1.0B cash, about $2.35 per share before considering liabilities or other balance-sheet items [25]
And if you take BitMine’s own “crypto + cash + moonshots” figure of $13.2B, that’s about $31 per share on the same share count—again, before debating liabilities, how “moonshots” are valued, and whether future issuance expands the denominator. [26]
This is a big reason BMNR often trades like a crypto net-asset-value (NAV) wrapper: investors mentally mark it to ETH and then argue about the premium/discount based on dilution and execution.
What analyses are saying right now: bullish thesis vs. bearish thesis
Because BMNR is unusual, reasonable analysts can look at the same facts and land on opposite conclusions.
The bullish frame
A bullish line of argument shows up in commentary describing BMNR as:
- Near “book value”-type levels (relative to treasury),
- Debt-light or debt-free framing,
- With upside from staking (MAVAN) and other “moonshot” segments. [27]
Some takes also argue you’re effectively buying the ETH treasury and getting optionality on additional segments “for free,” assuming dilution stays controlled. [28]
The bearish frame
Bearish commentary tends to emphasize:
- BMNR can fall hard when crypto sentiment cools (even without company-specific bad news),
- “Treasury companies” are vulnerable when the market starts pricing in future equity issuance,
- And that traditional valuation tools (like DCF models) can look absurdly negative for a business whose “value” is dominated by token holdings rather than operating cash flow. [29]
A Motley Fool/Nasdaq piece in mid-December framed the stock’s weakness that week as largely tied to broader crypto softness and argued it wasn’t compelled to buy BMNR given Ethereum’s central role in BitMine’s balance sheet. [30]
Other notable “current” BMNR developments investors are tracking into 2026
BMNR-based ETFs are now a thing
The BMNR volatility ecosystem has gotten big enough that ETF issuers are building products around it. Defiance describes YBMN as an options-income ETF offering up to 80% exposure to BMNR, designed to harvest volatility premiums. [31]
That’s not a judgment call, it’s a signal: BMNR has become a volatility object in public markets, not just a stock.
Index inclusion headlines
MarketScreener/S&P Capital IQ feeds reported BitMine was added to the S&P Global BMI Index in late December. [32]
Index inclusion can matter at the margins (visibility, some passive flows), though the bigger driver for BMNR remains ETH price and treasury/dilution expectations.
Key dates to watch next for BMNR stock
- Dec. 29, 2025: Dividend payable date ($0.01/share) [33]
- Jan. 15, 2026: Annual meeting and shareholder votes (including authorized share increase proposal) [34]
- Jan. 16, 2026: CFO separation effective date [35]
- Q1 2026 (company expectation): MAVAN staking rollout target window [36]
Bottom line: BMNR is an Ethereum treasury trade—and the dilution debate is the fulcrum
As of December 26, 2025, the market’s BMNR debate is basically a three-body problem:
- ETH exposure: BitMine says it controls 3.37% of supply with 4.066M ETH. [37]
- Mechanics: staking plans (MAVAN) and the dividend are efforts to make the treasury productive, not purely speculative. [38]
- Governance/dilution risk: the proposed jump to 50B authorized shares is either a strategic war chest or a dilution overhang—depending on how investors believe it will be used. [39]
For readers treating BMNR stock as a “public ETH vault,” the January vote and any subsequent financing behavior may matter as much as Ethereum’s next big price move.
References
1. www.prnewswire.com, 2. www.prnewswire.com, 3. www.marketbeat.com, 4. robinhood.com, 5. www.investopedia.com, 6. www.reuters.com, 7. www.sec.gov, 8. www.prnewswire.com, 9. www.stocktitan.net, 10. www.prnewswire.com, 11. www.prnewswire.com, 12. www.sec.gov, 13. www.sec.gov, 14. www.sec.gov, 15. www.sec.gov, 16. www.sec.gov, 17. www.prnewswire.com, 18. www.marketbeat.com, 19. www.marketbeat.com, 20. www.tradingview.com, 21. stockinvest.us, 22. coincodex.com, 23. www.prnewswire.com, 24. www.sec.gov, 25. www.prnewswire.com, 26. www.prnewswire.com, 27. seekingalpha.com, 28. seekingalpha.com, 29. simplywall.st, 30. www.nasdaq.com, 31. www.defianceetfs.com, 32. www.marketscreener.com, 33. www.sec.gov, 34. www.prnewswire.com, 35. www.sec.gov, 36. www.sec.gov, 37. www.prnewswire.com, 38. www.sec.gov, 39. www.sec.gov
