Heading into the U.S. trading session on Monday, December 1, 2025, BitMine Immersion Technologies, Inc. (NYSE American: BMNR) is once again at the center of the crypto‑equity conversation. Over just three days (November 28–30), the stock has been driven by:

• A fresh $44 million Ethereum purchase on Black Friday
• A 27%+ weekly gain after a brutal multi‑month drawdown
• Ongoing headlines around a new CEO, record earnings and the company’s first dividend
• Mounting debate over unrealized losses and structural risk at one of the largest Ethereum treasuries in the world

This pre‑market preview pulls together the latest news from November 28–30, 2025 to frame what BMNR investors and traders should know before Monday’s bell.

Quick snapshot: where BitMine Immersion stands before Monday’s open

Price & volatility

• Last close (Fri, Nov 28, 2025): about $33.12 per share, up roughly 4–5% on the day
• Intraday range: roughly $32.0–$35.2
• Volume: about 51 million shares, more than 25% above recent average volumes
• 52‑week range: approximately $3.20–$161.00, underlining extreme volatility this year TS2 Tech+1

A Benzinga screen of last week’s large‑cap winners shows BitMine Immersion up 27.78% for the week of November 24–28, placing BMNR among the top 10 large‑cap gainers in the U.S. market. ^[1]

Still, even after that bounce, BMNR remains deep in correction territory: multiple outlets, including TS2 Tech and Nasdaq, put the 30‑day decline near 46% as of Friday’s close. TS2 Tech+1

The big catalyst: BitMine’s $44M Black Friday Ethereum buy

The dominant headline of the November 28–30 window is straightforward: BitMine bought a lot more Ethereum. Again.

14,618 ETH bought on November 28

On Friday, November 28, blockchain‑analytics dashboards and several crypto‑news outlets tracked a single purchase of 14,618 ETH, routed through a BitGo‑linked wallet attributed to BitMine Immersion. At prices near $3,000 per ETH, that haul is worth roughly $44–45 million. TS2 Tech+2Coinpedia Fintech News+2

Coverage from TS2 Tech, Coinpedia and CryptoPolitan all point to the same core datapoints:

• 14,618 ETH added in one lump transaction
• Consideration of about $44.3 million
• Execution around the psychologically important $3,000 ETH level
• The purchase framed as part of a deliberate strategy to accumulate into weakness while sentiment is still fragile TS2 Tech+1

A second buy the same day – and $63M+ of ETH in total

An Invezz/TradingView write‑up adds another twist: the 14,618 ETH wasn’t BitMine’s only Black Friday order. Later the same day, the company reportedly bought another 20,532 ETH, bringing the total daily add to over 35,000 ETH and more than $63 million at prevailing prices. ^[2]

That article also notes that as of November 24:

• BitMine had 3.629 million ETH disclosed
• The new buys lift the total to roughly 3.665 million ETH, keeping BitMine’s share of the Ethereum supply a little above 3% as of late November ^[3]

$185M+ of ETH bought in a week

A separate report from Stocktwits’ news desk, citing Arkham Intelligence data, estimates that BitMine’s Ethereum purchases over the week reached about $185.6 million, with the Black Friday $44.3 million tranche as the latest installment. BMNR stock was up more than 8% intraday on Friday as that buying spree circulated on social media, and retail sentiment around BMNR on Stocktwits was described as “extremely bullish.” ^[4]

Taken together, the late‑November data tells a clear story: BitMine is doubling down on Ethereum at scale, even as the token itself trades roughly around $3,000 and remains well below its August highs.

BMNR price action: a sharp weekly bounce inside a brutal year

Friday’s Black Friday session

TS2 Tech’s detailed tape recap of Friday, November 28 shows: TS2 Tech+1

• Close: $33.12
• Day move: about +4–5% vs. Thursday
• Range: ~$32.04 to $35.20
• Volume: ~51 million shares vs ~41 million three‑month average
• Market cap: roughly $12–13 billion at the close

The stock has increasingly traded like a leveraged proxy on Ethereum: when ETH wobbles, BMNR tends to overshoot in either direction. That behavior is reinforced by BitMine’s balance sheet being dominated by ETH and by how the market values (or de‑values) the company versus the net asset value (NAV) of its crypto stash.

From 3,000% spike to an 80% crash

A weekend deep‑dive on TS2 Tech zooms out on the full 2025 rollercoaster:

• In July, BMNR reportedly surged more than 3,000% in five trading days, as investors cheered its pivot to an Ethereum treasury strategy and fresh capital raises. TS2 Tech
• Subsequent coverage from CoinDesk and others now estimate that from that peak, BMNR has fallen around 80–84%, as the stock’s earlier premium to NAV evaporated and ETH itself slid from its August high. ^[5]

Despite this huge drawdown, the week of November 24–28 featured a powerful counter‑trend bounce, with BMNR up nearly 28% and ranking among the best‑performing large caps over the period. ^[6]

Technicals: “mixed signals amid volatile market conditions”

A short AI‑driven note from AInvest, published the evening of November 28, adds a more cautious technical overlay: ^[7]

• It flags a 13.21% price decline over the previous five days on its adjusted series, despite Friday’s pop
• The stock’s RSI is described as oversold, with a composite technical score just under 3/10
• On the flows side, “extra‑large” institutional money is a net seller (‑46.2%), while smaller retail accounts are net buyers, with roughly 50% of small‑sized flows coming in on the bid

The takeaway heading into Monday: the chart looks fragile, even if short‑term traders see an oversold bounce.

Under the hood: earnings, dividend and BitMine’s giant ETH treasury

Although the user‑visible headlines between November 28–30 focus on the latest buys and price swings, they sit on top of a dense layer of fundamental news from earlier in November that market commentary keeps referencing.

Fiscal 2025 results and first dividend

On November 21, BitMine reported its fiscal 2025 earnings:

• Net income: about $328 million
• Fully diluted EPS:$13.39
• Status: positioned as the largest ETH treasury in the world, with Ethereum at the center of its balance sheet strategy
• Dividend: announcement of an annual dividend of $0.01 per share

Key dates around that dividend:

• Declaration date: November 21, 2025
• Ex‑dividend date:December 5, 2025
• Record date: December 8, 2025
• Payment date: December 29, 2025 ^[8]

The same release outlined BitMine’s plan to launch the “Made‑in‑America Validator Network” (MAVAN)—an in‑house Ethereum staking infrastructure the company aims to roll out in Q1 2026, initially via a pilot with three external staking partners. ^[9]

Treasury size and unrealized losses

A November 24 CoinDesk article gives a snapshot of the balance sheet just before the latest $44M+ buy: ^[10]

• BitMine had acquired 69,822 ETH over the prior week, bringing holdings to 3.63 million ETH
• That position represented roughly 3% of the total Ethereum supply
• The firm’s unencumbered cash rose to about $800 million, and combined crypto, cash and investments totaled roughly $11.2 billion

However, the same outlet and a separate November 21 analysis note that, given the drop in ETH from its August peak, BitMine is estimated to be sitting on roughly $4 billion in unrealized losses on its Ethereum bet, and that its stock price has plunged more than 80% from the summer high, erasing the NAV premium that once fueled enthusiasm. ^[11]

This “deep unrealized loss plus aggressive accumulation” combination is at the core of the debate investors are having as December trading begins.

New leadership: Chi Tsang takes over as CEO

November’s other major structural story, repeatedly referenced in weekend coverage, is a CEO transition.

On November 14, BitMine announced that Chi Tsang would succeed Jonathan Bates as Chief Executive Officer and join the board. At the same time, the company added three independent directors—including Robert Sechan of NewEdge Wealth and Jason Edgeworth of JPD Family Holdings—in a bid to deepen institutional credibility and governance. ^[12]

By the time TS2 Tech’s November 29 and 30 wrap‑ups were published, Tsang’s appointment was firmly baked into the BMNR narrative, with the stock often described as a “new leadership + giant ETH treasury + micro‑dividend” story heading into year‑end. TS2 Tech+1

Bulls vs. bears: how the market is reading BMNR going into December

The bullish narrative

Supporters of BitMine Immersion are leaning on several themes in late November:

1. Massive ETH exposure with leverage
   With roughly 3–3.6 million ETH on the balance sheet and another $63M+ added on Black Friday alone, BitMine offers equity investors a super‑charged way to play an Ethereum recovery, particularly if Tom Lee’s call for ETH to reach $7,000–$9,000 by early 2026 proves even partially accurate. ^[13]
2. Strong reported profitability (for now)
   Fiscal 2025 earnings still show hundreds of millions in net income and positive EPS, helped by earlier periods when ETH prices were much higher. ^[14]
3. Staking optionality via MAVAN
   If BitMine successfully launches MAVAN and captures attractive staking yields on a multi‑million‑ETH position, proponents argue that the company could evolve from a simple “hodler” into a cash‑generating Ethereum infrastructure platform. ^[15]
4. Retail enthusiasm and short‑term momentum
   Over the last week of November, BMNR:
   • Gained nearly 28% for the week, per Benzinga’s large‑cap gainer list ^[16]
   • Saw retail sentiment on Stocktwits flip to “extremely bullish” after the $44M buy ^[17]
   • Attracted positive attention from momentum screens that favor high‑beta, high‑volume names

For traders, the combination of high volatility, heavy volume and clear crypto linkage makes BMNR a natural vehicle for short‑term bets around ETH moves.

The bearish (or at least cautious) narrative

Skeptics see just as many reasons for caution heading into Monday’s open:

1. Unrealized losses and NAV risk
   CoinDesk’s November reporting highlights about $4 billion in unrealized losses on BitMine’s ETH position and warns that many digital‑asset treasury (DAT) firms can trap shareholders once the stock’s premium to NAV disappears, especially if the structure carries high embedded fees and compensation. ^[18]
2. Dilution and funding model
   TS2 Tech notes that earlier in 2025, BitMine raised capital via stock and warrant offerings to fund more ETH purchases, a strategy that works best when the stock trades at a rich premium to its underlying holdings. Once the multiple compresses, fresh issuance can dilute existing shareholders while failing to create proportional value. TS2 Tech+1
3. Mixed fundamentals and technical red flags
   AInvest’s diagnostic shows negative metrics like ‑14% net income‑to‑revenue and ‑21.6% return on equity, alongside a technical profile with an oversold RSI and weak composite score, even as retail flows remain positive. ^[19]
4. Macro and regulatory uncertainty
   BitMine sits squarely in the cross‑hairs of:
   • Crypto price volatility
   • Potential changes to ETH staking rules
   • Evolving treatment of digital‑asset treasuries by regulators and index providers

   TS2 Tech and CoinDesk both stress that any shift in U.S. policy around Ethereum, staking yields or DAT structures could have an outsized impact on BMNR’s business model and valuation. TS2 Tech+1

5. “Falling knife” concerns despite the $44M buy
   Benzinga’s crypto desk, looking at the same $44M purchase that fueled Friday’s rally, framed BMNR as still trading like a “falling knife” for longer‑term investors, given the dramatic drawdown from the summer highs and the continued pressure on digital‑asset treasuries more broadly. ^[20]

In short, bulls see leveraged ETH upside with staking optionality; bears see structural risk, dilution, and a stock that can fall faster than ETH in the next downdraft.

Key things to watch in BMNR as December 1 trading begins

Looking ahead to Monday’s session and the first week of December, here are the main catalysts and risk factors the market is likely to focus on:

1. Ethereum price and volatility
   BMNR’s chart continues to track ETH tightly. A decisive break below the ~$3,000 area—or a sharp rebound toward prior resistance—could drive outsized moves in the stock either way. ^[21]
2. Further treasury disclosures or on‑chain buys
   Traders will be watching Arkham, BitGo‑linked wallets and any press releases or 8‑Ks for signs that BitMine is continuing, accelerating or pausing its ETH accumulation after the $63M+ Black Friday binge and the ~$185M it reportedly spent over the week. ^[22]
3. Approaching ex‑dividend date (December 5)
   With the ex‑dividend date just days away, some income‑oriented traders may attempt to capture the company’s symbolic $0.01 dividend, while others may fade any short‑term “dividend pop,” especially given the payout’s small size versus the stock’s volatility. ^[23]
4. Analyst commentary and rating changes
   B. Riley Securities recently cut its BMNR price target from $90 to $47, while maintaining a Buy rating, and aggregate data from platforms like StockAnalysis suggests a small but generally positive analyst consensus, even as some quantitative screens flag the stock as overvalued. TS2 Tech+1
5. Institutional vs. retail flows
   If AInvest’s late‑November read on flows holds into December, institutional selling versus retail buying could continue to create sharp intraday swings: big blocks stepping away while social‑media‑driven traders chase news and on‑chain headlines. ^[24]
6. Broader “digital‑asset treasury” sentiment
   BitMine is now a poster child for the digital‑asset treasury (DAT) theme. Any new reports of forced selling, governance issues, or regulatory scrutiny at peer companies could spill over into BMNR, just as positive commentary on ETH or crypto‑linked equities could provide tailwinds. ^[25]

Bottom line for BMNR before the December 1, 2025 open

From November 28–30, 2025, the story around BitMine Immersion Technologies has crystallized into a stark trade‑off:

• On one side: a company with billions of dollars in Ethereum exposure, fresh multi‑tens‑of‑millions‑dollar buys, a new CEO, an upcoming dividend and a potential staking platform that could monetize a giant ETH stack.
• On the other:huge unrealized losses, ongoing dilution concerns, complex fee and compensation structures, and a stock that has already crashed more than 80% from its euphoric summer peak yet still trades with extraordinary volatility.

Heading into Monday’s session, BMNR looks less like a traditional tech equity and more like a high‑octane, equity‑wrapped bet on Ethereum and the digital‑asset treasury model itself. For traders comfortable with big swings, that may be exactly the appeal. For long‑term investors, the last three days of headlines are a reminder that understanding structure, governance and risk matters just as much as tracking ETH’s next move.

Disclosure: This article is for informational and educational purposes only and does not constitute investment, financial, or trading advice. Always do your own research and consider speaking with a licensed financial professional before making investment decisions.