BitMine Immersion Technologies (BMNR) Stock on December 1, 2025: Record ETH Holdings, Lock‑Up Expiry and a Wildly Volatile Outlook

BitMine Immersion Technologies, Inc. (NYSE American: BMNR) has become one of the most watched crypto‑equity names as December 2025 begins. On December 1, the company reported record Ethereum holdings, a massive crypto and cash war chest, and continues to trade with extreme volatility as investors debate whether BMNR is a leveraged play on Ethereum’s future or a high‑risk “digital‑asset treasury” experiment. ^[1]

As of mid‑morning on December 1, BMNR was trading around $30–31 per share, down roughly 8% on the day after closing at $33.12 on November 28. Year to date, the stock is still up more than 320%, even after an 80%+ drawdown from its euphoric summer high near $161. ^[2]

Below is a structured look at all the key news, forecasts and analyses shaping BitMine Immersion stock from December 1, 2025 and the days immediately leading into it.

BMNR stock price snapshot on December 1, 2025

Different market data providers show slightly different intraday marks, but they all agree on the picture: BMNR is a large‑cap, high‑beta crypto proxy with enormous swings.

Price: about $30–31 per share at 10:00 a.m. ET on December 1 (StockAnalysis shows $30.41, ‑8.18% on the session). ^[3]
Previous close: $33.12 (November 28). ^[4]
52‑week range: roughly $3–4 at the low up to $161 at the high, underscoring how explosive the move has been in 2025. ^[5]
Market cap: around $12.7 billion, based on Stocktwits fundamentals. ^[6]
Average daily volume: ~40–45 million shares traded. ^[7]

TipRanks characterizes BMNR’s year‑to‑date performance as a +324.67% rally, with a “Hold” technical sentiment, capturing the tension between huge gains and very mixed technical signals. ^[8]

1. Today’s headline: 3.73 million ETH and $12.1 billion in crypto and cash

The central December 1 story is BitMine’s updated treasury disclosure, which shows it doubling down on Ethereum despite substantial unrealized losses.

According to a company press release, echoed by StreetInsider and TradingView, as of November 30 BitMine holds: ^[9]

3,726,499 ETH valued at $3,008 per token (Coinbase pricing)
192 Bitcoin
Approximately $36–38 million in Eightco Holdings (ticker cited as ORBS in multiple reports)
About $882 million in unencumbered cash

In total, the company pegs its crypto and cash holdings at $12.1 billion, and says its Ethereum stash now tops 3% of the entire ETH token supply. ^[10]

BitMine also disclosed that it bought 96,798 ETH in the past week, increasing its weekly purchases by about 39% versus the prior week. Chairman Thomas “Tom” Lee linked the accelerated buying to the upcoming Fusaka Ethereum upgrade on December 3 and expectations around Federal Reserve policy, which he views as potential catalysts for ETH. ^[11]

Why it matters for the stock:

BMNR now trades as a highly levered equity wrapper on a 3.7‑million‑ETH position.
Every meaningful move in ETH can have an outsized impact on BitMine’s net asset value (NAV) and investor sentiment.
The scale of the position places BitMine alongside — or ahead of — many crypto ETFs and large corporates in terms of Ethereum exposure. ^[12]

2. Volatility front and center: “Wild Market Ride” on December 1

TipRanks summarizes today’s trading as a rollercoaster session driven by the company’s massive crypto holdings: ^[13]

Early in the session, BMNR jumped over 10% on bullish sentiment following the $12.1 billion holdings update.
Later in the morning, the stock fell roughly 7% as traders took profits, illustrating how quickly intraday flows can reverse.
TipRanks flags:
- YTD price performance: +324.67%
- Average volume: ~45.1 million shares
- Technical sentiment: “Hold”

Technical research site StockInvest, updating after the November 28 close, labels BMNR a “sell candidate” based on chart signals. Their model: ^[14]

Shows the stock down ~9.4% over the last 10 trading days despite a 4.35% single‑day gain on November 28.
Places BMNR in a “very wide and falling” short‑term trend.
Projects a ~‑27.9% expected decline over the next three months, with a 90% probability band between $17.78 and $36.94.
Emphasizes “very high risk” status, with daily volatility above 10%.

Taken together, today’s price action and the technical models reinforce the message: BMNR is extremely volatile, with movements amplified by both crypto prices and speculative equity flows.

3. Earnings, dividend and fundamentals: profitable, but highly unusual

On November 21, 2025, BitMine reported full‑year fiscal 2025 results (year ended August 31): ^[15]

Net income: $328.2 million
Fully diluted GAAP EPS:$13.39 per share
Revenue: about $8.36 million, up 37% year on year from $6.10 million (StockAnalysis data).
EPS trajectory: GAAP EPS improved from a loss of ‑$1.32 in FY 2024 to +$13.39 in FY 2025 as digital‑asset gains and treasury effects flowed through the income statement.

At the same time, the company declared an annual dividend of $0.01 per share, describing itself as the first large‑cap crypto company to pay an annual dividend. The company’s own press release and derivative coverage set the key dates as: ^[16]

Declaration date: November 21, 2025
Ex‑dividend date:December 5, 2025
Record date: December 8, 2025
Payable date: December 29, 2025

Some third‑party technical sites list December 8 as the ex‑dividend date, but the primary company and PR filings specify December 5; investors should rely on broker or exchange data when executing dividend‑sensitive trades. ^[17]

From a business description standpoint, BitMine portrays itself as: ^[18]

A Bitcoin and Ethereum network company focused on accumulating crypto for long‑term investment.
Operating Bitcoin mining and synthetic “hashrate as a financial product” businesses.
Running facilities in Trinidad, Pecos (Texas), and Silverton (Texas).

The income statement, though, is heavily shaped by crypto price swings and marks on its ETH and BTC holdings, which is why some analysts categorize BitMine within the “digital‑asset treasury” (DAT) niche rather than as a traditional miner or software company. TS2 Tech+1

4. Leadership shake‑up: new CEO, new board, same chairman

Governance and leadership were also in the spotlight in November.

On November 14, BitMine announced a CEO transition: ^[19]

Chi Tsang was appointed Chief Executive Officer and joined the board, replacing Jonathan Bates.
Three independent directors were added:
- Robert Sechan (NewEdge Capital Group)
- Olivia Howe (RigUp Chief Legal Officer)
- Jason Edgeworth (asset manager for JPD Family Holdings)
The company reiterated its ambition to control 5% of the Ethereum network over time and said it already holds more than 2.9%.

Investing.com notes that BMNR shares fell about 4.7% in pre‑market trading and roughly 8% overall on the day of the leadership announcement, reflecting investor uncertainty around the transition. ^[20]

Later coverage from TheStreet and other outlets framed BitMine as a “Wall Street legend‑backed” company, highlighting Tom Lee’s role as chairman and the backing of institutional investors such as ARK Investment Management, Founders Fund, Pantera and Galaxy Digital. ^[21]

The governance story is now central to the BMNR narrative: Tsang and the expanded board are being asked to demonstrate that BitMine can be more than a one‑way leverage bet on ETH.

5. Analyst and institutional views: big upside targets vs technical caution

Wall Street price targets

Two main sources summarize the sell‑side and quant‑aggregated outlook for BMNR:

StockAnalysis (B. Riley Securities coverage)
- Shows one analyst with a 12‑month price target of $47, implying about +55% upside from the ~$30 current price.
- The rating is “Strong Buy”, and B. Riley recently cut its target from $90 to $47 while maintaining the bullish stance. ^[22]
Nasdaq / Fintel aggregate data (November 16)
- Reports an average one‑year price target of $76.50, up 25% from a previous $61.20 estimate.
- Target range runs from $60.60 to $94.50 per share.
- Based on the November 16 closing price of $34.40, that average target implied about 122% upside. ^[23]

The gap between the $47 single‑analyst view and the $76.50 multi‑target average underscores how uncertain long‑term valuation is in the eyes of different models.

Institutional positioning

The same Nasdaq/Fintel note highlights rapidly rising institutional interest: ^[24]

360 funds or institutions reported positions in BMNR, an increase of 347 new owners in the last quarter.
Total shares owned by institutions surged by more than 40,000% (to around 97.7 million shares).
Large holders include:
- Susquehanna International Group (~2.7% ownership)
- ARK Investment Management and its ARKK ETF
- Global firms such as Sumitomo Mitsui Trust and Nikko AM Americas

This institutional flow has helped support liquidity, but it does not eliminate the underlying crypto‑linked risk — it simply means large funds are now active on both the long and short sides of the trade.

Quant and technical services

On the other side of the spectrum, StockInvest — which is purely technical — keeps BMNR rated as a “sell candidate”, expecting further downside despite the dividend and recent rally. ^[25]

Other screeners and diagnostics referenced by TS2 Tech (such as AInvest) flag negative profitability ratios like ‑14% net income‑to‑revenue and ‑21.6% return on equity, and describe BMNR as technically oversold but fundamentally challenged when marked against its crypto holdings and equity value. TS2 Tech+1

The bottom line: Wall Street analysts are, on average, optimistic, but several quantitative and technical platforms see a high‑risk, potentially overextended chart.

6. Lock‑up expiration on December 1: more stock potentially coming to market

Another December 1 catalyst: lock‑up expiry.

MarketScreener reports that certain common shares of BitMine Immersion, along with Class C‑1, C‑2 and C‑3 warrants, were subject to a 180‑day lock‑up beginning June 4, 2025 and ending December 1, 2025. ^[26]

This means:

Holders of these previously locked‑up securities are now generally free to sell in the open market, subject to any ongoing contractual or regulatory constraints.
The event increases potential free float, which can:
- Add selling pressure if early investors choose to cash out after a massive YTD rally.
- Improve liquidity and price discovery over time.

Given BMNR’s already heavy daily volume and active options market, the lock‑up expiry is another source of short‑term uncertainty, especially for traders eyeing supply/demand dynamics.

7. BitMine’s Ethereum treasury strategy: from 3.6M ETH to 3.73M ETH in days

BitMine’s December 1 holdings update caps a rapid series of treasury announcements in November:

November 16 update:
- 3,559,879 ETH at ~$3,120
- 192 BTC
- ~$37 million in Eightco stock
- ~$607 million in cash ^[27]
November 23 update (11.2B headline):
- 3,629,701 ETH valued at $2,840
- 192 BTC
- ~$38 million Eightco
- $800 million unencumbered cash
- Total crypto + cash: $11.2 billion
- Weekly ETH purchase: 69,822 ETH; company said it now held about 3.0% of total ETH supply. ^[28]
November 28 / “Black Friday” buys:
- Yahoo Finance and Benzinga reported BitMine bought 14,618 ETH (~$44.3 million) from a BitGo wallet, as part of a broader buying program that some commentators estimated at more than $60 million that day and ~$185 million over the week. ^[29]
December 1 update (12.1B headline):
- 3,726,499 ETH
- 192 BTC
- Eightco equity and ~$882 million cash
- Total crypto and cash: $12.1 billion
- Weekly ETH additions: 96,798 tokens, a 39% step‑up in weekly purchases. ^[30]

Crypto media outlets like CoinDesk have framed BitMine as a flagship “digital‑asset treasury” (DAT) name, noting that the company is sitting on billions in unrealized losses from earlier ETH purchases at much higher prices, even as it continues to buy more. ^[31]

This deliberate averaging‑down strategy is central to both the bullish and bearish cases:

Bulls see a chance to own a large, liquid equity that controls 3%+ of ETH plus Bitcoin and cash, with potential future staking yield via MAVAN. TS2 Tech+2Investing News Network (INN)+2
Bears worry about NAV risk, dilution, and the possibility that shareholders end up trapped if the stock trades at a persistent discount to its underlying assets while management continues to pay itself in stock and fees. TS2 Tech+1

8. Key catalysts and risk factors to watch after December 1

Drawing on today’s coverage and late‑November analyses, several near‑term catalysts stand out for BMNR investors and traders: CoinDesk+4TS2 Tech+4TipRanks+4

Ethereum price and volatility
- BMNR’s chart continues to track ETH closely; a decisive move in ETH below ~$3,000 or a sharp rebound could drive outsized stock moves.
Further treasury moves
- Markets are watching Arkham and BitGo‑linked wallets and future 8‑K or PRs to see whether BitMine keeps accelerating ETH accumulation or pauses after the recent buying spree.
Dividend timeline
- The December 5 ex‑dividend date and December 29 payment are symbolic milestones — the cash payout is tiny relative to BMNR’s volatility, but it cements BitMine’s positioning as the first large‑cap crypto treasury name to offer an annual dividend.
MAVAN staking launch
- The planned Made‑in‑America Validator Network (MAVAN) for Ethereum staking, scheduled to begin in early 2026, could potentially turn BitMine from a passive holder into a yield‑generating ETH infrastructure platform if executed successfully.
Regulatory and accounting environment for DATs
- CoinDesk and TS2 Tech emphasize that rule changes around ETH staking, digital‑asset treasuries, or crypto accounting could reshape valuations quickly — in either direction.
Post lock‑up supply and institutional vs. retail flows
- With the December 1 lock‑up expiry, a key question is whether early shareholders or warrant holders will sell into strength, and how that interacts with high‑frequency and retail flows that have dominated recent trading.

9. How BMNR fits into the digital‑asset treasury theme

BitMine Immersion is increasingly seen as a poster child for digital‑asset treasury companies — entities whose primary asset is a large crypto portfolio rather than traditional factories, software platforms or subscription businesses. ^[32]

According to TS2 Tech’s December 1 pre‑open deep dive, the bull vs. bear debate around BMNR can be simplified as: StreetInsider.com+3TS2 Tech+3Stock Titan+3

Bullish angle
- Massive ETH position with leverage.
- Reported 2025 profitability and positive GAAP EPS.
- Optionality from MAVAN staking and other network businesses.
- Intense retail interest and high trading volume, creating opportunities for momentum traders.
Bearish (or cautious) angle
- Huge unrealized losses on ETH and NAV sensitivity to further crypto drawdowns.
- A dilution‑heavy funding model, with past issuance of stock and warrants to finance more ETH purchases.
- Concerns about fee structures, compensation, and governance, similar to debates around other DAT vehicles.
- Macro and regulatory risk around ETH, staking yields and digital‑asset accounting.

In other words, BMNR behaves less like a conventional technology or mining stock and more like a leveraged, actively managed ETH closed‑end fund wrapped in a public company — with all the complexity that implies.

Bottom line: what December 1, 2025 means for BitMine Immersion stock

As of December 1, 2025, BitMine Immersion Technologies sits at the crossroads of several powerful forces:

Record‑breaking Ethereum holdings and a $12.1 billion crypto and cash balance sheet. ^[33]
A new CEO and refreshed board, but the same aggressive accumulation strategy. ^[34]
A transition from loss‑making to GAAP‑profitable, paired with a token dividend intended to signal shareholder‑friendly intentions. ^[35]
Highly divergent views between bullish analysts with double‑digit upside targets and technical/quant models that still flag BMNR as a sell candidate. ^[36]
A fresh lock‑up expiry and continuing crypto market volatility that could keep the share price swinging violently. ^[37]

For traders comfortable with big intraday swings, BMNR is likely to remain one of the most active Ethereum‑linked equities on U.S. markets. For long‑term investors, today’s deluge of data is a reminder that understanding the interaction between ETH prices, NAV, dilution, governance and regulation is just as important as any single price target.

Important: This article is for information and analysis only and does not constitute investment, financial or trading advice. Crypto‑exposed equities like BitMine Immersion Technologies can be extremely volatile and risky. Anyone considering BMNR should perform their own due diligence and, where appropriate, consult a licensed financial professional.