BitMine Immersion Technologies (BMNR) Stock on November 29, 2025: $44M Ethereum Buy, New CEO and Dividend Fuel Big Swings

As of Saturday, November 29, 2025, BitMine Immersion Technologies, Inc. (NYSE American: BMNR) remains one of the most volatile names in the crypto‑equity universe. After a fresh $44 million Ethereum purchase, a new CEO, record fiscal 2025 results and the company’s first dividend, the stock is back in the spotlight — even though U.S. markets are closed for the weekend. TechStock²+1

This article pulls together the key developments investors in BMNR stock need to know today, based on filings and news flow through November 29, 2025. It is for information only and is not investment advice.

BMNR stock price snapshot after a bruising month

BitMine shares closed the shortened Black Friday session on Friday, November 28, 2025 at $33.12, up 4.35% on the day. The stock traded between $32.03 and $35.20 on heavy volume of about 51.2 million shares, versus a three‑month average near the mid‑40‑million range. At that price, BitMine’s market capitalization sits around $12.7 billion, with a staggering 52‑week range of $3.20 to $161.00. ^[1]

Despite Friday’s bounce, BMNR is still deep in correction territory. A mid‑week note from Zacks calculated a 46.1% decline over the past 30 days, even after the stock’s more than 300% gain over the last year. ^[2]

The upshot: BitMine has traded less like a traditional software or fintech stock and more like a leveraged options bet on Ethereum, with huge intraday ranges, fast sentiment shifts and a tendency to overshoot both up and down.

The newest catalyst: another 14,618 ETH (~$44 million)

What pushed BMNR back onto traders’ screens heading into the weekend was a new burst of Ethereum buying.

Blockchain analytics and market coverage on Friday highlighted a single transaction of 14,618 ETH, routed through a wallet linked to BitMine and custodian BitGo. At recent prices near $3,000 per ETH, that haul is worth roughly $44–45 million. ^[3]

According to Benzinga’s summary of Arkham and Lookonchain data, this purchase follows roughly $200 million in Ethereum additions earlier in the week. While BitMine has not yet formally confirmed every individual on‑chain transfer, the company’s own treasury update corroborates the broad picture: accelerated accumulation at very large scale. ^[4]

Putting the latest buying spree in context:

As of the evening of November 23, BitMine reported holdings of 3,629,701 ETH, plus 192 BTC, an equity stake in Eightco Holdings (ORBS) and about $800 million in unencumbered cash. ^[5]
At an ETH reference price of $2,840, that equated to about $11.2 billion in what the company calls “crypto + cash + ‘moonshots’” on its balance sheet. ^[6]
Updated commentary this week suggests BitMine’s ETH stack has grown to roughly 3.63 million tokens, or around 3% of all Ethereum in circulation, once the most recent transactions are factored in. TechStock²+1

Management has repeatedly framed its long‑term objective as the “Alchemy of 5%” — ultimately controlling about 5% of the Ethereum supply, or roughly 6 million ETH, via a public‑company vehicle. With more than 3.6 million ETH already accumulated, BitMine is now over halfway to that target. ^[7]

For equity holders, that means BMNR functions increasingly as a listed Ethereum mega‑treasury, not a conventional operating company.

Inside BitMine’s $11.2 billion digital‑asset balance sheet

BitMine’s November treasury update offered the clearest recent snapshot of what sits behind the BMNR ticker. As of November 23, 2025, the company’s reported holdings were: ^[8]

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

That adds up to about $11.2 billion in digital assets and cash. The ETH stack dominates this portfolio, leading BitMine and multiple third‑party outlets to describe the company as the largest public Ethereum treasury holder in the world, with more ETH on its books than any traditional blue‑chip corporation. ^[9]

Because BMNR’s business is so asset‑heavy, valuation debates often focus on net asset value (NAV) rather than classic earnings multiples:

At Friday’s close, some data providers show BitMine trading at a discount to its reported crypto + cash holdings, implying a price‑to‑book ratio below 1x. TechStock²+1
Others, such as Simply Wall St, use adjusted metrics and conclude that BMNR may still be trading above their fair‑value estimates, with community fair‑value opinions ranging from $0.35 to $130 per share — a sign of just how polarizing the stock has become. ^[10]

Complicating matters further, much of BitMine’s ETH was acquired at higher average prices than today’s spot levels. Several analyses note that the company is sitting on multi‑billion‑dollar unrealized losses, which may weigh on sentiment and make traditional valuation frameworks harder to apply. TechStock²+1

Earnings, dividend and the MAVAN staking plan

Underneath the treasury story, BitMine did post headline‑grabbing fiscal 2025 results earlier this month.

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

Net income: $328,161,370 for fiscal 2025
GAAP EPS: $13.39 per fully diluted share
Revenue: roughly $6 million on a trailing‑twelve‑month basis, meaning most reported earnings are driven by mark‑to‑market movements in digital assets rather than recurring operating income

At the same time, BitMine declared its first‑ever annual dividend:

Dividend: $0.01 per BMNR share
Declaration date: November 21, 2025
Ex‑dividend date: December 5, 2025
Record date: December 8, 2025
Payment date: December 29, 2025 ^[12]

At current prices, that works out to a token yield near 0.03% — financially negligible, but symbolically important. BitMine has positioned itself as the first large‑cap crypto company to declare a recurring dividend, signalling a desire to be seen not just as a speculative vehicle but as a more conventional public company. ^[13]

Perhaps more strategically important is BitMine’s plan to generate staking income from its massive ETH position.

The company is building the Made‑in‑America Validator Network (MAVAN), a dedicated Ethereum staking infrastructure platform expected to go live in Q1 2026. ^[14]
BitMine has already selected three institutional staking providers for a pilot program, using a small portion of its ETH to test performance and operational quality before scaling. ^[15]

If successfully executed, MAVAN could turn BMNR from a pure mark‑to‑market vehicle into a yield‑generating ETH platform, though the eventual impact on cash flows will depend on how much ETH is staked, net yields after fees, and adoption by third‑party clients.

Leadership reset: Chi Tsang takes the helm

Another major November development has been a leadership shake‑up.

On November 14, 2025, BitMine announced that Chi Tsang had been appointed Chief Executive Officer and joined the board of directors, succeeding former CEO Jonathan Bates. At the same time, three new independent directors were added: ^[16]

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

Tsang brings more than two decades of experience across global banking and venture capital, including prior roles at HSBC and Lehman Brothers. He also founded venture firm m1720 and teaches venture capital investing at Fordham’s Gabelli School of Business. ^[17]

Coverage from Nasdaq, CoinDesk and other outlets has framed the new leadership team as an attempt to bridge traditional capital markets and the Ethereum ecosystem, reinforcing BitMine’s positioning as an institutional‑grade ETH vehicle rather than a pure mining play. ^[18]

The market’s near‑term reaction, however, was cautious: BMNR traded lower on the day of the announcement amid a broader crypto sell‑off, highlighting how sentiment‑driven the stock remains. ^[19]

Tom DeMark joins the story: timing a potential ETH “super‑cycle”

BitMine has also sought to bolster its market‑timing toolkit. On November 19, the company said it had engaged Tom DeMark and DeMark Analytics as strategic advisors. ^[20]

According to the announcement and follow‑up coverage:

DeMark’s proprietary DeMARK Indicators and systematic models will be used to help optimize the timing and execution of BitMine’s large ETH purchases.
The company again characterized itself as the largest ETH buyer and holder in the world, acquiring “hundreds of millions” of dollars’ worth of ETH each week as it marches toward its 5% supply goal. ^[21]

Whether this advisory relationship leads to better risk‑adjusted results is unclear, but it underscores a key point: ETH accumulation itself is BitMine’s core product.

How Wall Street and institutions are positioned on BMNR

Analyst views: sharp upside targets, but plenty of red flags

On the sell‑side, coverage is still thin but increasingly visible.

StockAnalysis data shows one analyst rating BMNR a “Strong Buy” with a 12‑month price target of $47, implying about 42% upside from Friday’s $33.12 close. ^[22]
Separate reporting indicates that B. Riley Securities recently cut its BMNR target from $90 to $47 but maintained a “Buy” rating, citing volatility and drawdowns but still seeing upside versus current levels. TechStock²
Zacks, by contrast, assigns BitMine a Rank #3 (Hold) and a Value Score of “F”, arguing that the stock screens as overvalued on their metrics despite the heavy sell‑off. ^[23]
Simply Wall St notes that, once you adjust for non‑cash crypto gains, BMNR can look expensive versus its own estimated fair value, even if headline P/E ratios appear unusually low. ^[24]

The result is a highly divergent set of narratives: some analysts pitch BMNR as a rare way to buy Ethereum at or below net asset value, while others see it as an over‑levered, hard‑to‑value vehicle for a still‑experimental asset class.

Institutional interest and ARK’s buying

Despite the volatility, BitMine has attracted high‑profile institutional backers.

Company materials and recent press releases highlight support from ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and personal investor Thomas “Tom” Lee, among others. ^[25]

Filings cited in recent coverage show that hundreds of funds now hold BMNR shares, and that institutional ownership has risen sharply over the past quarter as BitMine’s Ethereum strategy scaled up. TechStock²+1

ARK Invest’s purchases of BMNR this month — often framed in the media as “buying the dip” in crypto‑linked names — have been particularly closely watched by retail traders. ^[26]

New ETFs and leverage products: gasoline on the fire

BitMine is also becoming a favorite underlying for single‑stock ETFs and options strategies, which can amplify flows into and out of the name:

Defiance ETFs recently launched the BMNR Option Income ETF (ticker: YBMN), which seeks to generate weekly income by writing options on BitMine stock. ^[27]
Defiance also rolled out BMNZ, a 2x daily short BMNR ETF, giving traders a packaged way to bet against the stock’s moves. ^[28]
Separately, a Chainwire release detailed that Themes / Leverage Shares added BMNR to its suite of leveraged single‑stock ETFs, further expanding the menu of geared products tied to BitMine. ^[29]

These instruments don’t change BitMine’s fundamentals, but they increase trading velocity and volatility, especially around news or macro crypto moves.

Macro backdrop: “digital‑asset treasury” stocks under pressure

BitMine is part of a broader group of so‑called digital‑asset treasury (DAT) companies — firms that hoard crypto on their balance sheets and trade partly as proxies for token prices.

A Reuters piece on November 28 highlighted that: ^[30]

At least 15 bitcoin‑treasury companies are trading below the net asset value of the tokens they hold.
DATs collectively control about 4% of all bitcoin, 3.1% of all ether and 0.8% of solana, making their fortunes important for the broader crypto market.
After a surge of new entrants earlier this year, risk‑off sentiment and concerns about an AI‑driven equity bubble have pushed many of these stocks sharply lower in November.

BitMine is one of the flagship “ether DATs” mentioned in ongoing coverage, with its shares now well off their 2025 highs even as its ETH holdings continue to grow. ^[31]

Risk profile: a leveraged Ethereum treasury, not a traditional “value stock”

Even after Friday’s rebound, BMNR remains one of the wildest rides on any U.S. exchange:

The stock is far below its 52‑week high of $161, reached earlier this year. ^[32]
The 52‑week low of $3.20 underscores just how dramatic the swings can be in either direction. ^[33]
A roughly 45–50% drop over the last month has tracked the sharp sell‑off in Ethereum and in digital‑asset‑treasury peers more broadly. ^[34]

Recent analyses have highlighted several structural risks: TechStock²+2Nasdaq+2

Pure ETH beta with leverage
BitMine’s balance sheet is dominated by Ethereum. When ETH drops 10%, the equity can fall much more — especially if any premium to NAV evaporates or flips into a discount.
NAV discounts and premiums
Like a closed‑end fund, BMNR can swing between trading above and below its underlying asset value depending on market mood. That makes timing crucial and can lead to prolonged periods where fundamentals and price appear disconnected.
Unrealized loss overhang
Large amounts of ETH purchased at higher levels translate into sizeable accounting losses when prices fall. That encourages long‑term holding but may weigh on investor psychology and constrain capital‑raising options if markets sour.
Regulatory uncertainty
BitMine sits at the crossroads of crypto regulation, staking policy and ETF rules. Any shift in how U.S. regulators treat Ethereum, staking yields or digital‑asset treasuries could have an outsized impact on the business model.
Funding and dilution risk
Earlier in 2025, BitMine raised capital via a registered direct offering of stock and warrants, potentially diluting shareholders while bolstering its ability to buy more ETH. Future funding rounds could pose similar trade‑offs. ^[35]

What to watch next for BMNR stock

For traders and longer‑term investors tracking BitMine after the latest $44 million Ethereum purchase, several near‑term catalysts stand out: TechStock²+2Finviz+2

Ethereum price and volatility
BMNR’s chart still closely shadows ETH, which is hovering around the $3,000 level. A sustained move higher — or a decisive breakdown — is likely to dictate the stock’s next major leg.
Further treasury disclosures
Markets will be watching for the next update on BitMine’s crypto + cash holdings and any sign that the current pace of ETH accumulation (over 80,000+ ETH in roughly two weeks) is accelerating or slowing.
MAVAN staking details
More granular guidance on staking yields, fee structures and capital allocation could help investors decide whether BitMine can evolve into a steady yield‑generating ETH platform rather than a pure price‑beta play.
Analyst revisions and ETF flows
Additional price‑target changes, upgrades/downgrades, and flows into BMNR‑linked ETFs (like YBMN and BMNZ) or ARK’s funds could act as catalysts in either direction.
Regulatory and macro headlines
With the Federal Reserve’s 2026 rate path still uncertain and crypto policy evolving, any major macro or regulatory developments affecting Ethereum or staking could quickly ripple through BMNR’s valuation.

Bottom line

As of November 29, 2025, BitMine Immersion Technologies is:

Running a multi‑billion‑dollar Ethereum war chest
Transitioning under a new CEO and refreshed board
Preparing to launch a U.S.‑based ETH staking network (MAVAN) in early 2026
Paying a symbolic but attention‑grabbing dividend
And delivering some of the wildest price action of any large‑cap crypto‑linked stock on the market

Whether BMNR is attractive at today’s levels depends far less on traditional valuation metrics and far more on a simple question:

Do you want — and can you tolerate — leveraged exposure to Ethereum and to the “digital‑asset‑treasury” experiment through a single, hyper‑volatile stock?

Anyone considering BMNR should be prepared for extreme price swings, do thorough independent research and, where appropriate, consult a licensed financial adviser.