BMNR Stock Today (18 November 2025): BitMine’s $11.8B Ethereum Treasury Faces 10% Selloff

By Editorial Desk – 18 November 2025

BitMine Immersion Technologies (NYSE American: BMNR), the high‑flying “Ethereum treasury stock” backed by Wall Street veteran Tom Lee, is waking up to another volatile session on Tuesday after a bruising 10% drop on Monday and a flurry of new headlines about its crypto war chest, leadership shake‑up and long‑term Ethereum “supercycle” call. ^[1]

Below is a full breakdown of what’s moving BMNR stock today, 18 November 2025, and how the latest news fits into the longer‑term story.

BMNR stock price today: where things stand

As of early pre‑market trading on Tuesday, 18 November 2025, BitMine Immersion Technologies shares are hovering just below Monday’s close after a steep selloff:

Last regular close (Mon, 17 Nov):$30.95, down 10.03% on the day
Pre‑market (around 06:50 a.m. ET Tue): roughly $30.9, off about 0.2–0.3% from the close ^[2]
Intraday range Monday:$30.12 – $34.37 ^[3]
52‑week range:$3.20 – $161.00 – a reminder of just how explosive (and fragile) this name has been in 2025 ^[4]

Performance snapshot:

1‑week: about ‑22%
1‑month: about ‑38%
3‑month: about ‑44%
6‑month: still up nearly +287% thanks to its earlier monster rally ^[5]

Trading activity remains intense. Company disclosures and sell‑side commentary note that BMNR has recently averaged around $1.4 billion in daily dollar volume, ranking it among the 50 most actively traded U.S. stocks, while alternative‑data provider QuiverQuant has flagged BMNR as one of the most searched tickers on the market as volume spiked during Monday’s 10% slide. ^[6]

BitMine’s latest update: 3.6 million ETH and an $11.8B crypto war chest

The biggest fundamental news investors are digesting this week is BitMine’s updated treasury disclosure and November Chairman’s Message.

According to company communications and multiple news reports, BitMine now reports: ^[7]

Total crypto + cash holdings: about $11.8 billion
Ethereum holdings:3,559,879 ETH (often rounded to 3.6 million ETH)
Implied ETH value: roughly $11.1 billion based on an ETH price around $3,120 per token
Bitcoin holdings:192 BTC
Unencumbered cash:$607 million
“Moonshots”/equity stake: about $37 million in Eightco Holdings (ticker ORBS), a Worldcoin‑aligned treasury vehicle

At current levels, BitMine claims to own about 2.9% of the entire Ethereum supply, reaffirming its position as:

The largest Ethereum treasury of any public company
The second‑largest overall crypto treasury globally (behind bitcoin‑focused peer Strategy/MicroStrategy) ^[8]

BitMine also reiterated its headline goal: the so‑called “Alchemy of 5%” – a strategy to eventually control 5% of the ETH network, effectively making the firm a structural macro bet on Ethereum’s long‑term dominance. ^[9]

Aggressive buying into the dip: $173M ETH purchase last week

Despite the latest pullback in crypto prices, BitMine hasn’t been backing off. In fact, it has been buying more Ethereum into weakness.

Filings and coverage from crypto and equity outlets show that: ^[10]

Last week, BitMine purchased over 54,000 ETH
The transaction was worth more than $173 million at the time
The firm simultaneously boosted its cash balance from about $398 million to $607 million, giving it more dry powder for future deployments

This steady accumulation mirrors the “corporate HODL” playbook previously popularized in Bitcoin by MicroStrategy, but applied here to Ethereum, where staking yields and tokenization themes give the thesis a different flavor.

Tom Lee’s message: crypto weakness = liquidity crunch, not cycle top

The updated holdings came alongside a detailed November Chairman’s Message from BitMine co‑founder and Fundstrat analyst Thomas (Tom) Lee, which has become a focal point for BMNR traders.

Key takeaways from Lee’s note and recent interviews: ^[11]

Lee argues that the recent crypto selloff – with both Bitcoin and Ethereum sliding from recent highs – is primarily driven by a liquidity crunch, likely tied to a “wounded” market maker de‑risking after the October 10 crash.
He likens the effect to a form of “quantitative tightening” (QT) for crypto, pointing out that a similar liquidity squeeze in 2022 lasted six to eight weeks.
Importantly for long‑term holders, Lee insists crypto has not topped this cycle.
His cycle models, based on five historical drivers of the four‑year crypto rhythm, suggest the next major cycle peak is still 12–36 months away – implying a potential top sometime between 2026 and 2028.
Lee highlights Ethereum tokenization – turning traditional assets like stocks, bonds and real estate into on‑chain tokens – as a “major unlock” for global finance and a core reason he sees Ethereum entering a Bitcoin‑like “supercycle”.

Some coverage goes even further, paraphrasing Lee as seeing a potential 100x opportunity in Ethereum across the full supercycle, a bold call that has made headlines across stock and crypto media and helped propel BMNR’s earlier 2025 surge. ^[12]

In short, BitMine’s message is: short‑term pain, long‑term conviction.

So why is BMNR stock dropping?

Given this bullish narrative – larger ETH stash, more cash, and a chairman calling for years of upside – many retail traders are asking the obvious question: Why is BMNR sliding instead of ripping higher?

Several overlapping factors appear to be at work:

1. Crypto‑treasury stocks are trading like leveraged ETH

Recent market commentary has highlighted that stocks of companies holding large crypto treasuries are behaving like leveraged plays on underlying token prices. As Bitcoin and Ethereum pulled back sharply this month, that leverage is working in reverse. ^[13]

Ethereum has dropped double‑digit percentages over the last week, reversing part of its autumn rally. ^[14]
Articles in Barron’s and Seeking Alpha have flagged that “crypto‑treasury” strategies are now facing a real stress test for the first time since spot ETFs made it easier to own BTC/ETH directly, potentially making these stocks less attractive than simple ETF exposure. ^[15]

When ETH sells off, investors often sell the equity proxies even harder, and BMNR is no exception.

2. Profit‑taking after a huge year

Even after the latest drop, BMNR remains up several hundred percent in 2025, having surged from a single‑digit share price to as high as $161 earlier in the year as the market embraced its Ethereum‑treasury pivot. ^[16]

That kind of move tends to attract:

Momentum traders who quickly rotate out when the trend breaks
Short sellers looking to fade parabolic gains
Fast profit‑taking on any negative crypto headline

With the stock now in a clear downtrend from its peak, Monday’s 10% drop looks partly like ongoing de‑risking after a euphoric run.

3. Leadership transition jitters

On 14 November, BitMine announced that Chi Tsang has been appointed Chief Executive Officer, replacing long‑time CEO Jonathan Bates. At the same time, the company added three independent directors:

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 ^[17]

While the board framed the move as a way to strengthen BitMine’s bridge between Wall Street and the Ethereum “supercycle” ecosystem, the market’s initial reaction was negative:

Investing.com reported that BMNR fell about 4–5% in pre‑market trading immediately after the CEO announcement. ^[18]

Leadership transitions at hyper‑valued growth stories often introduce uncertainty about execution, even when the strategic direction is unchanged.

4. New ways to short BMNR

Another under‑the‑radar catalyst: the launch of a 2x daily inverse ETF tied to BitMine.

On 13 November, Defiance ETFs rolled out BMNZ, billed as the first 2x short BMNR ETF, giving traders a simple way to express leveraged downside exposure to the stock. ^[19]

While the dollar flows into BMNZ are still developing, the very existence of such a product can:

Make it easier for bearish traders to lean against rallies
Amplify intraday volatility in the underlying stock
Contribute to more pronounced swings when sentiment turns

5. Macro risk‑off and crypto liquidity stress

Finally, BMNR doesn’t trade in a vacuum. Broader risk‑off moves in equities and crypto – with Bitcoin sliding under key support levels and volatility spiking – are pressuring high‑beta names across the board. ^[20]

Lee’s own thesis acknowledges this: if a large market maker is pulling liquidity, even fundamentally bullish stories can get sold aggressively until liquidity normalizes.

Leadership reset: who is new CEO Chi Tsang?

Investors watching BMNR today also need to understand who is now at the helm.

According to BitMine’s press release and follow‑up coverage: ^[21]

Chi Tsang is a finance and technology executive with deep experience in capital markets and digital assets.
BitMine describes him as key to positioning the company as a “leading financial institution” built on Ethereum infrastructure.
The new board lineup – Sechan, Howe and Edgeworth – brings a mix of wealth management, legal and family‑office asset‑management expertise.

Both Tsang and Chairman Tom Lee have emphasized that:

The transformation facing Wall Street through blockchain and Ethereum mirrors the mobile‑and‑internet revolution of the 1990s.
BitMine’s goal is to be a critical infrastructure partner to the Ethereum ecosystem, not just a passive token holder. ^[22]

So far, the market seems to be discounting execution risk during this hand‑off, but if Tsang can prove out the strategy – particularly around staking, tokenization and capital‑markets partnerships – that narrative could evolve.

What Wall Street and institutions are doing with BMNR

Despite recent volatility, institutional interest in BMNR remains notable.

Analyst targets: upside still well above current levels

StockAnalysis data shows at least one analyst rating BMNR a “Strong Buy” with a 12‑month price target of $90, implying significant upside from the low‑$30s. ^[23]
A separate Fintel‑based report, syndicated via Nasdaq, pegs the average one‑year target at $76.50, up 25% from earlier estimates and still more than double Monday’s close, with individual targets ranging from about $60.60 to $94.50. ^[24]

Those targets underscore how divided the market is: even after a huge run and sharp pullback, some analysts still see BMNR as undervalued relative to its Ethereum exposure and growth optionality.

Big‑money holders

The same Fintel data highlights robust institutional ownership:

Roughly 360 funds and institutions now report positions in BMNR, a massive increase versus earlier quarters.
Top holders include Susquehanna International Group, ARK Investment Management, Sumitomo Mitsui Trust, and Nikko Asset Management, among others. ^[25]

That mix reflects both:

Long‑term believers in the Ethereum‑treasury model, and
Quant and trading shops that are attracted to BMNR’s liquidity and volatility, even if their holding periods are short.

Key things for BMNR investors to watch today

For traders and investors following BMNR on 18 November 2025, here are the main variables likely to drive intraday and near‑term action:

Ethereum price and liquidity
- BMNR has effectively become a high‑beta proxy for ETH. Sudden swings in Ethereum – especially if linked to further liquidity shocks – are likely to be reflected (and often magnified) in the stock.
Follow‑through on the Chairman’s “supercycle” message
- Markets will be watching whether Lee’s call that the top is 12–36 months away gains traction with other strategists, or whether skeptics frame recent weakness as the beginning of a larger unwind.
Reception to the CEO transition
- Any additional commentary from Chi Tsang – around staking yields, balance‑sheet strategy, or tokenization initiatives – could help the market recalibrate expectations about execution risk under the new leadership team.
Flows into new leveraged products
- Trading data around the 2x short BMNR ETF (BMNZ) may become a tell on how aggressively the bear side is positioning.
Institutional and ETF positioning in crypto
- Outflows from Ethereum‑linked ETFs or risk‑off moves in broader growth stocks may continue to pressure “crypto‑treasury” names like BMNR, even if company‑specific fundamentals remain unchanged. ^[26]

Bottom line

BitMine Immersion’s BMNR stock is entering Tuesday’s session with heavy volatility, a fresh 10% drawdown, and a crowded news tape:

A $11.8 billion crypto and cash treasury anchored by 3.6 million ETH
A bold goal to own 5% of the Ethereum network
A new CEO and refreshed board
A chairman arguing that the cycle peak is still 12–36 months away
And growing tools for traders to lever up or short the stock

For investors, BMNR remains a high‑risk, high‑reward pure‑play on Ethereum’s future and on BitMine’s ability to monetize that position through staking, tokenization and capital‑markets innovation.

This article is for information and news purposes only and does not constitute investment advice. Anyone considering BMNR should carefully evaluate their own risk tolerance, time horizon, and exposure to both crypto volatility and single‑stock concentration before making any decisions.

ETH and BMNR are CRASHING! Are they doomed?