NEW YORK — Friday, December 26, 2025 (2:06 p.m. ET): U.S. stocks are trading in a typically thin, post-Christmas session, with major indexes hovering near record highs as investors track the “Santa Claus rally” window into early January. ^[1]

Against that backdrop, BitMine Immersion Technologies, Inc. (NYSE American: BMNR) is moving like a high-beta crypto proxy—reacting not just to equity risk appetite, but especially to Ethereum (ETH) price swings and to company-specific governance and capital-structure headlines. ^[2]

BMNR stock price right now (and why it’s moving)

As of the latest available intraday print around early afternoon in New York, BMNR is about $28.58, down roughly 2.6% on the day, with heavy volume.

At the same time, crypto prices are softer:

• Ethereum (ETH): ~$2,922
• Bitcoin (BTC): ~$87,274

That matters because BitMine has explicitly positioned itself as an Ethereum-treasury-centric public company, and its equity often trades like a leveraged wrapper on ETH—especially during holiday sessions when liquidity can be lighter and moves can be sharper. ^[3]

What BitMine Immersion Technologies is now: an ETH-treasury-first public company

BitMine’s latest annual report describes the company as a digital asset technology company focused on acquiring, holding, and actively managing ETH as its primary treasury reserve asset, using equity and other capital markets transactions to provide investors indirect exposure to ETH through its corporate treasury. ^[4]

The same filing notes BitMine’s model blends:

• an ETH-anchored treasury, and
• an operating platform historically focused on BTC mining and hosting, with flexibility to mine or hold BTC when attractive, and to participate in staking where appropriate. ^[5]

This is the core lens most investors use today: BMNR is not “just” a miner—it’s increasingly an ETH treasury strategy (with operational assets in the background).

The biggest current headline: BitMine says it now holds 4.066 million ETH (plus $1.0B cash)

In a company operations update released this week, BitMine reported total crypto + cash + “moonshots” holdings of $13.2 billion, including:

• 4,066,062 ETH (valued by the company at $2,991 per ETH as of Dec. 21 at 3:00 p.m. ET),
• 193 BTC,
• a $32 million stake in Eightco Holdings (listed as a “moonshot”), and
• $1.0 billion in total cash. ^[6]

BitMine also stated its ETH position equals 3.37% of total ETH supply (as the company framed it) and reiterated its longer-term ambition to reach 5%. ^[7]

Fundstrat’s Thomas “Tom” Lee (BitMine’s chairman) said the company surpassed 4 million ETH after adding 98,852 ETH in the past week, calling it a major milestone achieved in about 5.5 months. ^[8]

Why this matters for BMNR shareholders

1. Treasury mark-to-market dominates the story: when ETH moves, the perceived “NAV” of BMNR can reprice quickly.
2. Capital raising and dilution expectations become central (more on this below).
3. Liquidity and sentiment can snowball: BitMine cited Fundstrat data suggesting BMNR’s 5-day average daily dollar volume ranked among the most actively traded U.S. stocks. ^[9]

A quick “back-of-the-envelope” NAV check (not official, but useful context)

Using:

• BitMine’s reported 4,066,062 ETH and other holdings snapshot, ^[10]
• the proxy-stated 425,841,924 shares outstanding (record date Dec. 8, 2025), ^[11]
• and current ETH/BTC prices,

…you can estimate a rough per-share value of (ETH + cash + BTC + “moonshot” stake) before liabilities/expenses. At today’s ETH price, that rough figure comes out around the low-$30s per share, versus BMNR around $28–$29 intraday. ^[12]

Important caveats:

• This is not BitMine’s official NAV.
• It does not adjust for liabilities, operating costs, taxes, potential restrictions, or any changes in holdings since the company’s timestamp.
• Share count can change (and dilution is a core issue investors are debating right now).

Still, this is why many BMNR discussions revolve around whether the stock is trading at a premium/discount to crypto holdings—similar to how markets analyze other crypto-treasury equities.

The governance/dilution overhang: a proposal to increase authorized shares to 50 billion

One of the most market-sensitive items on BitMine’s near-term calendar is its Annual Meeting on January 15, 2026 (Las Vegas). ^[13]

The definitive proxy statement highlights that shareholders will vote on (among other items):

• a charter amendment to increase the number of authorized common shares (from 500,000,000 to 50,000,000,000), ^[14]
• approval of a 2025 Omnibus Incentive Plan, ^[15]
• and a non-binding advisory vote on a special performance-based compensation arrangement for the executive chairman. ^[16]

Why investors care: increasing authorized shares doesn’t automatically issue shares, but it can enable large future equity issuance—something that can be positive for treasury accumulation yet negative for per-share value if dilution outpaces asset growth.

As of the proxy record date, BitMine reported 425,841,924 shares outstanding. ^[17]

CFO transition: what’s changed (and what to watch next)

Recent SEC filings also show executive turnover:

• Raymond Mow resigned from the board effective immediately on December 5, 2025, with the company stating it was not due to a disagreement. ^[18]
• The company disclosed that Mow also provided notice of his resignation as Chief Financial Officer, effective January 16, 2026. ^[19]

For investors, the practical questions are:

• Who becomes permanent CFO (and when)?
• Will the new finance leadership maintain the same cadence of weekly holdings updates and capital markets activity?
• How will governance optics evolve alongside the share authorization vote?

Dividend headline: know the dates (and the limitation)

BitMine’s FY2025 earnings release included a declared annual dividend of $0.01 per share, with:

• Ex-dividend date: Dec. 5, 2025
• Record date: Dec. 8, 2025
• Payable date: Dec. 29, 2025 ^[20]

Key point: if you’re considering BMNR today (Dec. 26), you are past the ex-dividend date, so buying now would generally not qualify you for that dividend payment.

A changing “big investor” narrative: Peter Thiel stake appears reduced from earlier levels

BMNR drew major attention in mid-2025 when Reuters reported shares jumped after Palantir co-founder Peter Thiel disclosed a 9.1% stake. ^[21]

But a later Schedule 13G/A filing (signed Nov. 14, 2025) shows Thiel and affiliated entities reporting 2,547,001 shares, representing 0.9% of the class. ^[22]

Bottom line: the “Thiel is the biggest holder” framing that fueled earlier momentum looks stale based on more recent beneficial ownership reporting—an important reminder to check the latest 13D/13G filings when trading headline-driven narratives.

Wall Street backdrop today: records, Santa Claus rally seasonality, and thin liquidity

BMNR is trading on a day when broader markets are focused on:

• Post-Christmas, light-volume conditions, and
• the historically bullish “Santa Claus rally” stretch into early January. ^[23]

Reuters notes equities are hovering near record highs, with investors still leaning into AI/tech optimism and looking ahead to policy developments in 2026. ^[24]

MarketWatch also highlighted a notable seasonal tendency: Dec. 26 has historically been among the most consistently positive days for the S&P 500 (though seasonality is not destiny). ^[25]

For BMNR specifically, this environment can amplify moves because crypto-related equities often behave like risk-on accelerants when liquidity is thin.

Is the stock market open right now?

Yes. As of 2:06 p.m. ET, U.S. equity markets are in the regular trading session, which typically runs until 4:00 p.m. ET. ^[26]

The NYSE’s published calendar shows an early close on Dec. 24, 2025 and the Christmas Day holiday closure, implying Dec. 26 is a normal session. ^[27]

Analyst forecasts and street targets: what coverage exists (and what it says)

BMNR is not a mega-cap with dozens of analysts. Still, Investing.com’s consensus page shows:

• 2 analysts tracked
• consensus rating: “Strong Buy”
• average 12‑month price target: $53.50
• high: $60, low: $47 ^[28]

The same page shows coverage history including B. Riley actions and targets. ^[29]

How to interpret this:

• With only two analysts, targets can be less stable and more sensitive to thesis shifts.
• For a treasury-heavy crypto company, “target price” often embeds assumptions about ETH price, dilution, and whether the stock trades at a premium to underlying assets.

What current analysis is saying: NAV debate, technical levels, and volatility

Recent commentary across markets media largely clusters into three themes:

1) “BMNR = ETH-treasury trade”

A Seeking Alpha contributor argues BMNR trades at a discount to NAV/book value and frames the stock as an Ethereum treasury vehicle, with MAVAN staking as a potential catalyst. (This is opinion research, not company guidance.) ^[30]

2) “Correlation risk is the whole game”

A Motley Fool piece earlier this month emphasized that BMNR’s stock can drop sharply when ETH turns lower—because the company is “nearly all-in” on Ethereum in market perception. ^[31]

3) “Valuation + governance overhang”

A Nasdaq.com/Zacks commentary noted BMNR’s decline over the last month, pointing to crypto volatility, technical weakness, and emphasizing that governance/capital structure (and evolving regulation) remain key risks. ^[32]

Risk checklist before trading BMNR

BMNR can move fast. Here are the highest-impact risks investors are weighing right now:

1. ETH price drawdowns can hit both “NAV” and sentiment
   BitMine itself warns that sustained ETH price declines could reduce the carrying value of digital assets, increase impairment charges, and potentially affect its ability to raise capital or maintain listing compliance. ^[33]
2. Dilution risk (potentially significant)
   The shareholder vote to expand authorized shares up to 50 billion is a major overhang for anyone modeling per-share value. ^[34]
3. Execution risk on staking plans (MAVAN)
   The company is targeting a staking infrastructure rollout in early 2026; investors will watch for specifics, partners, yields, and risk controls. ^[35]
4. Leadership transitions
   CFO turnover can matter disproportionately for a company running an active treasury strategy and frequent market communications. ^[36]
5. Market structure and volatility
   Even short interest metrics are part of the conversation: MarketBeat lists short interest around 27.63 million shares (as of Dec. 15), though these figures update on a schedule and can change quickly. ^[37]

What to watch into the close and the next session

Even though the market is open now, here’s what matters before the next regular session—especially heading into a weekend when crypto trades 24/7:

• ETH direction from Friday close through Sunday: a large ETH move can gap BMNR at Monday’s open. ^[38]
• Any new treasury/holdings update cadence: BitMine frequently updates crypto holdings; those updates can drive sudden repricing. ^[39]
• Proxy/annual meeting headlines: watch for investor reaction to the authorized share proposal and incentive plan details. ^[40]
• Macro catalysts: next week’s Fed-related releases and year-end positioning can sway risk appetite broadly. ^[41]

Disclosure

This article is for informational purposes only and does not constitute investment advice. BMNR and crypto assets can be highly volatile; consider your risk tolerance and consult a licensed professional where appropriate.

References

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