BitMine Immersion Technologies (BMNR) Stock on December 10, 2025: 3.86M ETH Treasury, 50B‑Share Plan and High‑Risk 2026 Outlook

Updated: December 10, 2025 — Information only, not investment advice.

1. Where BMNR Stock Stands Today

BitMine Immersion Technologies, Inc. (NYSE American: BMNR) has turned into one of the most watched — and most volatile — crypto‑linked stocks in the U.S. market.

As of early afternoon on December 10, 2025, BMNR is trading around $39 per share, with an intraday range roughly between $38.50 and $40.00 and volume above 6 million shares.

That move comes after an explosive session on December 9, when the stock jumped about 9–10% from $35.84 to roughly $39.2, swinging nearly 15% intraday and turning over about 60 million shares worth roughly $2.4 billion. ^[1]

Over the last two weeks BMNR is up more than 25%, but it remains in a broadly falling short‑term trend, with statistical models still warning of potential downside over the next few months. ^[2]

What’s driving all this? Three big storylines:

A huge Ethereum (ETH) “mega‑treasury” that now tops 3.86 million tokens. ^[3]
An aggressive capital structure plan to increase authorized shares from 500 million to 50 billion. TechStock²
A 2026 strategy built around staking (MAVAN) and services, not just simple crypto price speculation. ^[4]

2. Latest News: 3.86 Million ETH and the “Crypto Supercycle” Pitch

2.1 Massive ETH buy and record treasury

On December 8, BitMine announced that as of December 7 it holds: ^[5]

3,864,951 ETH (at about $3,139 per ETH in the release)
193 BTC
A $36 million stake in Eightco Holdings (ORBS)
About $1.0 billion in cash

In total, the company reports $13.2 billion in “crypto + cash + moonshots” on its balance sheet and claims to own more than 3.2% of all ETH in circulation, making it the largest corporate Ethereum treasury globally and the second‑largest digital‑asset treasury overall (behind Strategy Inc., with ~650,000 BTC). ^[6]

Crucially, BitMine is not just sitting on that stash. In the most recent week alone, it bought about 138,452 ETH, roughly $435 million worth at current prices — a buying pace about 150% faster than four weeks earlier. ^[7]

2.2 “Alchemy of 5%” and Tom Lee’s macro bet

BitMine’s chairman Thomas “Tom” Lee (Fundstrat co‑founder) has set an explicit target to own 5% of the Ethereum supply, a campaign the company brands the “Alchemy of 5%.” ^[8]

In his December chairman’s message, Lee argues that: ^[9]

Crypto is entering a “supercycle” driven by tokenization and institutional adoption.
The Fusaka (aka Fulu‑Osaka) Ethereum upgrade on December 3, improving scalability and security, plus an expected Federal Reserve rate cut around December 10 and an end to quantitative tightening, should support a stronger ETH market in 2026.

That macro view helps explain why BitMine accelerated ETH purchases even as some spot ETH ETFs have seen net outflows and institutional flows into Ethereum products have turned choppy. ^[10]

2.3 Trading liquidity and unrealized losses

BitMine also emphasizes that BMNR has become one of the most actively traded U.S. stocks, with average daily dollar volume around $1.8 billion, ranking roughly 37th in the U.S. equity market by trading value. ^[11]

But scale cuts both ways: Blockhead estimates that at current ETH prices the company is still carrying nearly $3 billion in unrealized losses on its Ethereum holdings, a reminder of how violent previous drawdowns have been. ^[12]

3. Dividend, Earnings and Cash‑Flow Snapshot

3.1 First cash dividend — tiny but symbolically important

In late November, BitMine declared its first cash dividend of $0.01 per share, payable on December 29, 2025. ^[13]

Data providers differ slightly on the ex‑dividend and record dates (some cite December 8 as both ex‑date and record date, others reference a December 5/8 combo). But all agree on: ^[14]

Dividend per share: $0.01
Payment date: December 29, 2025

With BMNR trading in the high‑$30s, the annualized yield is roughly 0.03% — effectively symbolic, more a signaling tool than an income stream. ^[15]

3.2 Fiscal 2025 results: tiny operating business, huge crypto gains

For the fiscal year ended August 31, 2025, company materials and independent models show approximately: TechStock²

Revenue: about $6.1 million
Net income: roughly $330 million
Fully diluted EPS: around $13.39

The gap between the tiny revenue base and huge net income is mostly explained by non‑cash mark‑to‑market gains on Ethereum holdings (around $800 million across the last four quarters), while core mining and services operations generated roughly $360 million of operating losses. TechStock²

In other words:

BitMine is currently a loss‑making operating company wrapped around a very profitable (on paper) crypto treasury.

3.3 Latest quarter: eye‑popping margins

A MarketBeat recap of the November 21 earnings release highlights that BitMine reported quarterly EPS of about $15.90 on just $1.32 million in revenue, translating into a net margin above 5,700% and return on equity of roughly 16%. ^[16]

Those numbers underscore how heavily crypto price swings dominate reported earnings — a key reason valuation multiples for BMNR are so confusing.

4. Governance Shake‑Up and the 50‑Billion‑Share Plan

4.1 New leadership

Recent months have seen significant governance changes: TechStock²

Tom Lee moved into the chairman role, bringing a very public, very bullish macro‑crypto stance.
Chi Tsang, with a capital‑markets and tech‑research background, became CEO in November 2025 as the company effectively rebrands from a miner to a crypto‑financial conglomerate.
Board member Raymond Mow resigned in early December; BitMine says the departure was not due to any disagreement on operations or policies.

4.2 The 50‑billion‑share proposal

The most controversial item is BitMine’s definitive proxy for its annual shareholder meeting at the Wynn Las Vegas on January 15, 2026. Key proposals include: TechStock²+1

Increasing authorized common stock from 500 million to 50 billion shares (a 100× jump).
Approving a 2025 Omnibus Incentive Plan initially covering about 15.4 million shares.
Approving a performance‑based compensation package for Chairman Tom Lee.
Electing eight directors under the new structure.

With about 426 million shares outstanding as of the December 8 record date, BitMine is effectively asking shareholders to authorize the ability to issue more than 100 times the current share count over time. TechStock²

Supporters argue this gives the company maximum flexibility to raise equity capital for more ETH purchases, scaling its MAVAN staking network and pursuing acquisitions. Critics warn it creates enormous dilution risk, especially if future ETH buying sprees are funded mainly through new stock issuance. TechStock²

Expect this 50‑billion‑share plan to be a major battleground for bulls and bears into early 2026.

5. MAVAN: Turning an ETH Pile into Recurring Income

BitMine’s 2026 growth story centers on MAVAN, short for “Made‑in‑America Validator Network”, an institutional‑grade Ethereum staking platform the company plans to roll out in early 2026. ^[17]

The strategy:

Stake a substantial portion of its 3.86M ETH to earn protocol staking rewards.
Offer staking‑as‑a‑service and advisory support to institutions that want ETH exposure without running their own validators. ^[18]

Bullish models suggest that even modest staking yields (around 3% on a multi‑million‑ETH base) could translate into hundreds of millions in annual pre‑tax income, depending on ETH’s price and how much of the treasury is staked. TechStock²+1

However, both company statements and independent analyses stress new risks: ^[19]

Slashing and operational risk from overseeing a massive validator footprint.
Regulatory uncertainty in the U.S. around staking, yield products and accounting for digitally native assets.
Potential network‑structure concerns about a single listed company controlling and staking more than 3% of ETH supply.

For now, MAVAN is more narrative driver than firm forecast. Any concrete 2026 guidance or partnership announcements could quickly change earnings expectations — and BMNR’s valuation.

6. Valuation: From “Strong Buy” to “Overvalued”

6.1 Analyst targets and ratings

Formal Wall Street coverage is still thin, but several sources now track BMNR:

A Fintel / Nasdaq recap on December 5 reports an average 12‑month price target of $54.57, cut from $76.50 in mid‑November. Targets range from about $47.47 to $63, implying roughly 50% upside from a late‑November close around $36.32. ^[20]
The same piece notes ~380 institutional holders with roughly 98 million shares and a put/call ratio of 0.46, signaling a bullish options skew. ^[21]
MarketBeat cites B. Riley cutting its BMNR target from $90 to $47 while maintaining a “buy” rating, and reports an overall average target around $47 with a consensus rating of “Buy” across a small analyst pool. ^[22]

Some data‑provider round‑ups also show a “Strong Buy” consensus with average targets in the low‑to‑mid $50s, still implying double‑digit upside from the current high‑$30s share price, albeit from a very small number of covering analysts. TechStock²+1

6.2 P/E, P/S and the denominator problem

Valuation metrics for BMNR are all over the place because they depend on how you treat crypto gains:

Many market‑data feeds that simply plug in trailing GAAP EPS (inflated by ETH gains) show a P/E ratio near 2.5–3× — superficially ultra‑cheap. TechStock²+1
Simply Wall St, using a more normalized earnings base, calculates a P/E of about 41.9× at a recent $35.84 close, significantly above both the U.S. software industry average (~32×) and a closer peer group (~28.7×). It labels the stock “overvalued” on that metric. ^[23]
A Trefis‑style breakdown (summarized in recent coverage) pegs BitMine’s P/E closer to 24× and its price‑to‑sales ratio around 1,360×, given that trailing revenue is just over $6 million. It also notes that BitMine’s market cap of roughly $13.8 billion sits near the estimated value of its crypto + cash holdings (~$13.2 billion), implying a market‑cap‑to‑treasury value ratio near 1×. TechStock²

That leads to two very different narratives:

Treasury view: BMNR trades roughly around its ETH‑adjusted net asset value, so for long‑term ETH bulls it looks like a liquid, leveraged ETH vehicle with upside from staking and services on top. TechStock²+1
Cash‑flow view: If you focus on the loss‑making operating business, conventional P/E and P/S ratios scream “expensive”, suggesting the market is paying for speculative optionality rather than current cash flows. ^[24]

Even among bulls, this makes BMNR a high‑beta satellite position, not a traditional value or income stock.

7. Technicals and Short‑Term Forecasts

7.1 TradingView and quant indicators

Several technical dashboards classify BMNR as a short‑term “Buy”:

TradingView’s aggregated indicators currently show “Buy” on daily timeframes, “Neutral” over one week and a return to “Buy” for one‑month trend models. ^[25]

But those same platforms emphasize just how fast things can change given BMNR’s volatility and derivatives activity.

7.2 StockInvest.us: upgrade but warns of 41% downside

StockInvest.us’ December 9 update is a good example of the split message: ^[26]

It upgraded BMNR from “Sell” to “Buy candidate” after the recent rebound.
Short‑ and medium‑term moving averages now flash buy signals, with a recent pivot bottom identified on November 21.
However, their statistical trend model still expects the stock to fall about 41% over the next three months, with a 90% confidence interval between $12.26 and $24.90 if the current falling channel holds.
Daily volatility has averaged around 9.5%, and the stock is labeled “very high risk.”

In other words: short‑term momentum looks positive, but the quant view remains cautious about the next quarter.

8. Macro Context: Ethereum, Rates and Digital‑Asset Treasuries

BMNR’s rally this week hasn’t happened in a vacuum:

Since late November, crypto markets are up around 10%, helped by expectations of Fed rate cuts in 2026 and talk of dollar diversification from major central banks, according to B. Riley commentary summarized by Coindesk. ^[27]
Ethereum reclaimed levels above $3,100–3,300 around the time of BitMine’s latest treasury update, reinforcing the equity’s role as a leveraged ETH proxy. ^[28]
A separate Coindesk note highlights that companies positioned as “Ether digital‑asset treasuries” — a bucket that includes BitMine — have recently outperformed broader crypto equities as investors look for pure‑play exposure to ETH rather than diversified miners. ^[29]
At the same time, some Ethereum ETFs have recorded weak or negative flows, and one CryptoRank update describes the recent month as the worst since launch for ETH ETF net inflows, underscoring how fickle institutional appetite remains. ^[30]

Within that environment, BitMine stands out for doubling down on ETH accumulation even as some institutional flows cool — a posture that amplifies both upside and downside.

9. Bull vs. Bear Case for BMNR in December 2025

9.1 Bull case: high‑octane ETH vehicle

Pulling together recent research, news and forecasts, the bull thesis looks roughly like this: TechStock²+2PR Newswire+2

Largest corporate ETH treasury
- BitMine already holds 3.86M ETH (3.2%+ of supply) and is explicitly targeting 5%. Its ability to raise and deploy capital quickly could create a kind of “supply shock in slow motion” if ETH demand continues to build. ^[31]
MAVAN as a monetization engine
- Turning dormant ETH into staking income and fee revenue could, in optimistic scenarios, spin the treasury into hundreds of millions in recurring annual earnings, reducing reliance on mark‑to‑market gains. TechStock²+1
Tom Lee’s Ethereum supercycle
- Lee has floated very bullish long‑term ETH price scenarios, including five‑figure and even more extreme targets in blue‑sky cases. For believers in that trajectory, BMNR offers leveraged upside plus potential staking yield — something you don’t get by just holding ETH directly. ^[32]
Balance‑sheet‑driven valuation angle
- When BMNR trades near or below the implied value of its crypto holdings, some traders treat it like a closed‑end ETH fund at a discount, betting on a future re‑rating to a premium if sentiment improves. TechStock²+1
Growing institutional and ETF ecosystem
- Fintel data show hundreds of institutional holders and rapidly rising fund ownership, and Defiance’s launch of BMNZ (2× inverse BMNR) and YBMN (BMNR option‑income ETF) indicates deep and growing demand — both bullish and bearish — for BMNR exposure. ^[33]

9.2 Bear case: concentration, dilution and “bubble” metrics

The bear or cautious thesis is just as loud: TechStock²+2Simply Wall St+2

Single‑asset concentration
- With more than 3% of ETH supply and a 5% target, BitMine is essentially a single‑asset macro bet. A prolonged Ethereum bear market, major protocol issue or regulatory crackdown could devastate both the treasury and BMNR’s equity value.
Dilution and capital‑raising risk
- The 50‑billion‑share authorization combined with a track record of funding crypto purchases via equity offerings leaves existing shareholders exposed to heavy future dilution, especially if ETH prices stumble.
Traditional metrics flag “overvaluation”
- Normalized models like Simply Wall St’s DCF screens view BMNR as significantly overvalued relative to the cash flows of its small operating business, even after factoring in today’s treasury value. ^[34]
Derivatives‑amplified volatility
- Single‑stock ETFs (BMNZ, YBMN), heavy options activity and a call‑skewed options book mean BMNR’s price can be driven by hedging flows and squeezes as much as fundamentals, creating air pockets in both directions. TechStock²+1
Technical models warn of downside
- StockInvest.us and other quant frameworks still see BMNR in a wide falling trend and model roughly 40% downside over three months, even after upgrading the stock to a short‑term buy candidate. ^[35]
Regulatory and staking risk
- MAVAN could boost earnings, but also adds slashing, custody, tax and securities‑law risk at a time when U.S. policy on staking and digital‑asset accounting remains unsettled. ^[36]

Taken together, skeptics argue BMNR is closer to a leveraged trading instrument than a conventional investment and should be sized (if at all) as a small, high‑risk position within a diversified portfolio.

10. What to Watch After December 10, 2025

For investors and traders following BMNR from here, the key catalysts over the coming weeks and months include: TechStock²+1

Ethereum price and volatility
- BMNR behaves like a high‑beta wrapper on ETH. Sharp moves in Ethereum — up or down — are likely to be magnified in the stock.
Further treasury disclosures
- BitMine has been updating its holdings frequently. Any new large ETH purchase (or a pause) will be closely watched, especially if it coincides with big ETH moves.
January 15, 2026 shareholder vote
- The 50‑billion‑share authorization, incentive plan and Tom Lee’s compensation structure will send a strong signal about how much dilution risk shareholders are willing to tolerate.
MAVAN launch details
- Concrete information on validator scale, staking yields, partner institutions and regulatory engagement will be crucial for refining 2026 earnings expectations.
Analyst coverage and target revisions
- Targets have already been cut once (mid‑$70s to mid‑$50s). New initiations, upgrades, downgrades or big changes in target ranges could move the stock.
Flows in BMNR‑linked ETFs and options
- Volume and positioning in BMNZ, YBMN and BMNR options may provide clues on whether the market is leaning toward another squeeze, a correction, or more two‑sided chop.

11. Bottom Line

As of December 10, 2025, BitMine Immersion Technologies is:

A hyper‑volatile, Ethereum‑centric treasury stock with 3.86M ETH and about $13.2B in crypto and cash.
A company pursuing an extremely aggressive growth and capital strategy, including a proposed jump to 50 billion authorized shares and the launch of an ambitious U.S. staking network.
A name where valuation depends entirely on your lens: closed‑end ETH proxy with upside from staking, or richly valued speculative vehicle priced far above its operating cash flows.

Nothing in this article is a recommendation to buy, sell or hold BMNR. If you’re considering exposure, it’s important to:

Treat BMNR as a high‑risk instrument tied closely to ETH,
Think carefully about position sizing and diversification, and
Consider speaking with a qualified financial adviser who understands both equities and digital assets.

References