BNMR Stock Today, 28 November 2025: BitMine Immersion Surges on Fresh $44M Ethereum Buy Despite Huge Yearly Drawdown

Published: 28 November 2025

BitMine Immersion Technologies – widely searched today as “BNMR stock” but trading under the ticker BMNR on NYSE American – is back in the spotlight this Black Friday. Shares are jumping around 9–10% after the company disclosed another 14,618 ETH purchase (about $44 million) for its already massive Ethereum treasury, even as the stock remains deeply underwater versus its summer peak. ^[1]

The move comes on a shortened U.S. trading day for Black Friday, with NYSE and Nasdaq open from 9:30 a.m. to 1 p.m. Eastern time. ^[2]

BNMR (BMNR) stock price today – Black Friday snapshot

As of early afternoon on 28 November 2025, BitMine Immersion Technologies (BMNR) is trading roughly as follows: ^[3]

Metric	Value (approx.)
Last price	$34.7 per share
Change vs. previous close	+~$3.0 (about +9–10%)
Previous close	~$31.74
Intraday range	~$32.7 – $35.2
Market cap	About $12–13 billion
Volume (so far)	~20 million shares, vs. an average daily volume around 41–45 million

For context, this rebound follows a brutal stretch where:

BMNR is still down roughly 30–45% over the last month, according to Zacks and other equity research trackers. ^[4]
From its July high near $161, the stock has plunged about 80%+, a collapse documented by CryptoRank and CoinDesk in late November. ^[5]

In other words, today’s pop is meaningful, but it’s still a bounce inside a much larger drawdown.

All of today’s BNMR stock news in one place (28 November 2025)

BNMR/BMNR is all over the crypto and markets press today. The common thread: BitMine just bought another 14,618 ETH and the stock is reacting sharply.

Here’s how major outlets are framing the story:

CoinCentral: reports that “BitMine (BMNR) Stock Jumps as Company Adds 14,618 ETH to Treasury Holdings.” The piece notes the purchase cost about $44.34 million, lifting BitMine’s holdings to 3.63 million ETH (around 3% of total supply) and pushing BMNR up ~9.8% to $31.74 in the prior session. ^[6]
Coinpedia: highlights that “BitMine Buys 14,618 Ethereum, But ETH Price Still Stays Flat.” Their analysis stresses that BMNR is now halfway to its goal of owning 5% of Ethereum’s supply, and that the stock has bounced about 9% on the news while still being down roughly 37% over the month amid a broader crypto sell-off. ^[7]
Crypto.news: describes the move as “BitMine expands Ethereum treasury holdings with latest $44M ETH purchase,” noting the ETH buy went through custodian BitGo at an average price around $3,033 per ETH and reiterating that BitMine now controls about 3% of ETH and is 60% of the way to its 5% target. ^[8]
Phemex / Cryptometer / other crypto outlets: echo the same numbers — 14,618 ETH, roughly $44–44.3 million, total holdings 3.63M ETH (~3% of supply) — and emphasize BitMine’s plan to roll out its Made in America Validator Network (MAVAN) staking initiative in 2026 to monetize that giant ETH stack. ^[9]
Somos Hermanos (Google News–syndicated): summarizes the day as “BitMine (BMNR) Stock surged After Major Ethereum Purchase,” reiterating the 9.79% share price jump and pointing out that institutional ownership has ballooned from 10 million to 100 million shares in just one month. ^[10]

Across these reports, the message is consistent: BNMR/BMNR is rallying because BitMine just doubled down on its Ethereum treasury strategy yet again.

What exactly is BNMR/BMNR and why is it buying so much ETH?

Although many traders search for “BNMR stock”, the company actually trades under ticker BMNR on NYSE American. ^[11]

According to recent company and data-provider profiles: ^[12]

Business model:
BitMine Immersion Technologies has pivoted from being a traditional Bitcoin mining and immersion-cooling hardware company to functioning primarily as an Ethereum-focused digital asset treasury.
Core operations now include:
- Acquiring and holding ETH as a primary treasury reserve asset
- Winding down its own self-mining operations
- Providing BTC and crypto infrastructure services (consulting, power/hosting optimization, equipment leasing), while ETH treasury and future staking are the strategic center.
ETH holdings:
- After today’s buy, the firm holds about 3.63 million ETH, roughly 3% of circulating supply, with a publicly stated goal of getting to 5% (around 6 million ETH). ^[13]
Treasure chest scale:
- Depending on the ETH price snapshot, BitMine’s crypto holdings are valued at roughly $10–11.8 billion, plus several hundred million dollars in cash, giving it one of the largest corporate crypto treasuries in the world. ^[14]

Crypto.news notes that corporate ETH treasuries now hold about 6.36 million ETH (5.26% of supply) across 68 entities, with BitMine the single largest disclosed holder. ^[15]

In short, BNMR/BMNR is an extreme, leveraged bet on Ethereum itself: the stock is effectively a proxy on ETH price plus BitMine’s execution, financing, and governance.

Why today’s 14,618 ETH purchase matters for BNMR stock

Today’s move isn’t just “one more” buy — it sits on top of an aggressive multi-week accumulation spree:

Over the last couple of weeks, BitMine has bought tens of thousands of ETH in several large tranches, including 69,822 ETH last week, pushing its stake above 3.6M ETH. ^[16]
Press releases and analyst write-ups show the firm’s crypto and cash holdings around $11.2 billion, while BMNR’s enterprise value ranges around $12–13 billion, meaning the stock trades close to – or slightly above/below – the value of its assets depending on ETH’s latest price swings. ^[17]

Different analysts arrive at slightly different modified net asset value (mNAV) numbers:

CoinCentral recently pegged BitMine’s mNAV around 1.08, implying BMNR was trading at a small premium to the value of its ETH and cash at that moment. ^[18]
Crypto.news, by contrast, calculates an mNAV closer to 0.8, suggesting about a 20% discount versus the underlying ETH portfolio. ^[19]

That spread shows how quickly ETH prices, share issuance, and sentiment can move the “value vs. assets” picture.

Today’s 14,618 ETH buy signals that:

Management is doubling down on its thesis that Ethereum will be structurally more valuable over time – especially once staking revenue, tokenization, and L2 adoption scale. ^[20]
The company is willing to keep deploying capital in a drawdown, even as many analysts highlight steep unrealized losses. ^[21]
Short-term, the buy gives traders a clear bullish headline to trade around, which is helping drive today’s 9–10% intraday bounce in BNMR/BMNR. ^[22]

From “MicroStrategy of Ethereum” to 80% crash: the road to today

To understand why today’s move feels so dramatic, you have to zoom out.

Earlier this year, several outlets described BitMine as becoming the “MicroStrategy of Ethereum” after BMNR exploded more than 1,000% in a matter of months when it pivoted into Ethereum treasury and began aggressively issuing stock to buy ETH. ^[23]

But 2025 hasn’t been kind to digital-asset treasuries:

ETH’s pullback: As ETH slid roughly 25–30% from recent highs, BitMine’s heavily leveraged ETH bet turned into an estimated $4 billion in unrealized losses, according to CoinDesk’s analysis of its filings. ^[24]
Stock collapse:
- BitMine’s share price soared to about $161 in July. ^[25]
- By late November it had dropped into the mid‑20s, an 81–84% drawdown, even while ETH itself fell far less. ^[26]
NAV premium flipped to discount: Analysts at 10x Research and others argue that the earlier premium to NAV has evaporated, with BMNR now at times trading below the implied value of its ETH, reflecting concerns about fees, governance, and execution risk. ^[27]
Volatility and liquidity: Trading data show BMNR becoming one of the most actively traded U.S. stocks, with average daily dollar volume around $1.6 billion, amplifying both rallies and sell‑offs. ^[28]

Zacks recently noted BMNR shares were down 46.1% over the past month, asking bluntly whether investors should “buy the dip.” ^[29]

Meanwhile, Barchart reported that Cathie Wood’s Ark Invest has been purchasing BMNR on weakness, positioning it as a high-beta ETH treasury play even as crypto treasuries come under scrutiny. ^[30]

All of that explains why today’s 9–10% bounce feels more like a relief rally than a full trend reversal.

How does BNMR trade versus Ethereum itself?

One of the big themes in today’s coverage is the disconnect between BMNR and ETH:

Despite BitMine buying $44M of ETH today, ETH itself is still trading roughly flat around $3,000–3,050, weighed down by ETF outflows and lingering risk‑off sentiment. ^[31]
Over the past month, ETH’s decline has been painful but far smaller than BMNR’s, which has dropped by 37–46%+ in the same window. ^[32]

Analysts and commentators point to a few reasons why BNMR/BMNR can move more than ETH:

Leverage via equity issuance
BitMine has raised billions by issuing new shares and using the proceeds to buy ETH. If ETH falls, equity holders absorb all the downside, while upside is diluted, making the stock more volatile than the underlying token. ^[33]
Fees, compensation and structure
CoinDesk and 10x Research highlight concerns around BitMine’s complex treasury structure, advisory fees, and executive compensation, which can drag returns and justify a NAV discount. ^[34]
Market psychology
During the summer, BNMR/BMNR traded at an enthusiastic premium as investors chased the “ETH supercycle” narrative; in the autumn sell‑off, that same structure made the stock a proxy for hedging or shorting Ethereum via the equity market, deepening the drawdown. ^[35]

Today’s reaction — stock up sharply, ETH barely moving — is essentially that dynamic in reverse: equity traders are repricing BitMine’s execution prospects more aggressively than the underlying asset.

Key risks and what investors are watching after today’s move

Even with BNMR/BMNR in the green today, analysts and traders are still focused on several big risk buckets:

Ethereum price path & ETF flows
- ETH remains the core driver of BitMine’s value.
- Outflows from spot ETH ETFs and weak liquidity are a recurring theme in today’s coverage, suggesting large corporate buys alone may not be enough to turn the tide without broader risk‑on sentiment. ^[36]
Unrealized losses and NAV discount
- With estimated multi‑billion‑dollar unrealized losses on earlier ETH purchases, any further leg down in ETH could deepen the gap between BitMine’s book value and market cap. ^[37]
Dilution and capital strategy
- The entire model depends on BitMine’s ability to raise capital at acceptable terms and convert it into ETH without over‑diluting shareholders or locking in losses at the wrong time. ^[38]
Regulatory and index‑inclusion risk
- Analysts have warned that if crypto‑heavy companies like BitMine grow too large in major indices, they could face pressure from passive managers or even potential index‑exclusion debates, adding another layer of headline risk. ^[39]
Execution of MAVAN and staking strategy
- BitMine’s plan to roll out the Made in America Validator Network in 2026 is central to its pitch that it can earn yields on its ETH stack rather than simply sitting on it. Investors will watch how quickly the company can move from press releases to real, recurring staking income. ^[40]

What today’s BNMR/BMNR move might be telling the market

Putting it all together, 28 November 2025 looks like an inflection attempt, not a completed turnaround:

Bullish read:
- The market is rewarding BitMine for sticking to its strategy and pushing closer to the 5% ETH supply goal, even in a shaky macro backdrop.
- A sustained ETH recovery, combined with staking revenue from MAVAN, could eventually make BMNR attractive if the stock continues to trade at or below the value of its treasury. ^[41]
Bearish read:
- Today’s rally could be another tradable spike in an ongoing downtrend, driven mostly by short covering and high‑frequency traders reacting to headlines.
- Structural concerns highlighted by CoinDesk, Zacks, and others — from $4B+ in unrealized losses to the sustainability of BitMine’s equity‑funded accumulation model — haven’t disappeared. ^[42]

For now, BNMR/BMNR remains one of the purest – and riskiest – public‑market plays on Ethereum, and today’s Black Friday session is a reminder of just how fast sentiment around that bet can swing.

Important disclaimer

This article is for informational and news purposes only and is not investment, financial, or trading advice. BNMR/BMNR is a highly volatile equity closely tied to cryptocurrency markets. Before making any investment decision, you should: