NEW YORK, Dec. 27, 2025, 6:03 PM ET — Market closed

BitMine Immersion Technologies, Inc. (NYSE American: BMNR) is heading into the weekend with two narratives pulling in opposite directions: a fresh wave of crypto-media coverage focused on the company’s first reported move into Ethereum staking, and a growing debate over whether BMNR is now “cheap” versus its crypto treasury—or simply repricing after one of 2025’s most extreme runs in the digital-asset equities space.

With U.S. equities closed for the weekend, investors can’t act on BMNR until Monday’s reopening. But crypto trades 24/7, and for a stock increasingly treated as a high-beta proxy for Ethereum, weekend moves in ETH can matter for sentiment and positioning going into the next session.

BMNR’s last session: heavy volume, sharp swings, and a low-$28 handle

BMNR last traded around $28.31 following Friday’s (Dec. 26) session, after moving in a wide intraday band (roughly $27.90 to $29.50) and logging very heavy volume (about 32.66 million shares). ^[1]

That price sits dramatically below BMNR’s 52-week high (listed as $161.00)—a reminder of the stock’s volatility and the speed with which “crypto-treasury” trades can re-rate when sentiment shifts. ^[2]

Broader market backdrop: post-holiday calm, but crypto-linked names remain headline-driven

Friday’s broader U.S. market session was subdued in thin, post-Christmas trading, with the major indexes ending slightly lower—an environment that can magnify stock-specific catalysts for high-volatility names like BMNR. ^[3]

The weekend’s biggest BMNR catalyst: reported first step into Ethereum staking

A cluster of reports published over the past 24 hours is putting a spotlight on what could be a meaningful strategic shift: generating yield on BitMine’s Ethereum holdings via staking.

Cointelegraph reported (via TradingView’s news feed) that wallets linked to BitMine sent 74,880 ETH to a contract labeled “BatchDeposit,” a transaction pattern often associated with institutional staking setups. The report cited Arkham on-chain data and a post from on-chain analyst EmberCN describing the move as BitMine’s first attempt at staking. ^[4]

BeInCrypto similarly framed the move as BitMine beginning to stake part of what it characterized as roughly $12 billion in ETH holdings, emphasizing that staking can change how investors value the company (from purely directional ETH exposure to a potentially yield-bearing structure), while also introducing new liquidity and operational risks. ^[5]

Crypto.news added that the initial staking-sized deposit appears designed as a test before any broader rollout, and it highlighted the same estimated staking economics circulating in the market discussion. ^[6]

The staking math investors are watching—and the risks that come with it

One reason this staking headline has traction is the scale. Cointelegraph cited an estimated staking yield of about 3.12% APY and suggested that staking the full ETH position (hypothetically) could translate into roughly 126,800 ETH per year in rewards, depending on network conditions and yields. ^[7]

But the same reports underscore a key tradeoff: staked ETH is not as liquid as unstaked ETH. BeInCrypto noted that validator exits can be delayed by protocol withdrawal mechanics and exit queues—an issue that can matter most during market stress, when liquidity is prized and correlations spike. ^[8]

Valuation debate intensifies: “fair value nailed it” vs. “discount to crypto NAV”

Another widely circulated piece in the past 24 hours came from Investing.com, which pointed back to an InvestingPro “Fair Value” model that flagged BMNR as significantly overvalued in late September. The article said the model estimated BMNR was overvalued by 46.8% when the stock traded at $54.21, assigning a “fair value” near $28.84—close to where the stock is now trading. ^[9]

On the other side of the debate, a Seeking Alpha analysis published Friday argued that BMNR could be trading below the value of its underlying crypto assets and described the stock as an Ethereum-treasury vehicle that may be priced at a discount to net asset value (NAV), while noting the risks and extreme volatility involved. ^[10]

What BitMine itself has disclosed: ETH-heavy treasury and a stated goal to reach 5% of ETH supply

In its most recent company disclosure filed with the SEC (dated Dec. 22), BitMine reported total “crypto + total cash + ‘moonshots’” holdings of $13.2 billion and said that as of Dec. 21 at 3:00 p.m. ET its crypto holdings included: ^[11]

• 4,066,062 ETH (valued in the release at $2,991 per ETH)
• 193 BTC
• A $32 million stake in Eightco Holdings (NASDAQ: ORBS), described as “moonshots”
• $1.0 billion in total cash ^[12]

The same disclosure said BitMine’s ETH holdings represented 3.37% of ETH supply (using an ETH supply figure of 120.7 million) and included commentary from Thomas “Tom” Lee of Fundstrat, identified as BitMine’s chairman, describing progress toward what the company calls the “alchemy of 5%” and referencing a planned staking solution called MAVAN (Made in America Validator Network) targeted for deployment in early calendar 2026. ^[13]

Analyst targets and forecasts: thin coverage, conflicting vendor snapshots

Forecast data is especially messy for BMNR because coverage appears limited and different platforms may be pulling from different universes of estimates.

• Investing.com’s BMNR page lists an average 12-month price target of $53.5, with a high estimate of $60 and a low estimate of $47, and it also displays a “Strong Buy” summary. ^[14]
• TradingView’s “Forecast” panel shows an analyst price target of $47.00. ^[15]
• TipRanks lists a $47.00 average target based on one analyst entry shown on its page. ^[16]

With BMNR recently around $28, a $47 target would imply substantial upside—yet the dispersion and vendor differences are a signal in themselves: BMNR is not a consensus-covered large-cap, and investors should treat “price targets” as low-confidence inputs rather than anchors.

Technical setup: oversold signals show up, but trend signals remain bearish

On the technical side, Investing.com’s daily technical summary for BMNR (as of early Dec. 27) showed a “Strong Sell” posture across indicators and moving averages, with the 14-day RSI around 36 (typically interpreted as weak/near-oversold territory). ^[17]

That combination—oversold-like oscillators alongside bearish moving-average stacks—is common in high-volatility names that are correcting from a prior spike: conditions can produce sharp bounces, but trend-following signals may stay negative until price reclaims key averages.

Market closed: what investors should watch before the next BMNR session

Because U.S. stock markets are closed on weekends, BMNR won’t trade again until Monday’s session. ^[18] Here are the key swing factors to monitor before the reopen:

1) Ethereum’s weekend tape
ETH is trading around $2,933 late Saturday ET. If ETH gaps meaningfully up or down before Monday’s equity open, BMNR sentiment can shift quickly because the stock is widely treated as ETH-treasury exposure.

2) Follow-through (or pushback) on the staking narrative
The reported staking deposit is drawing attention because it suggests BitMine may begin turning a portion of its treasury into yield. The next leg of the story will hinge on whether more on-chain activity appears, and whether BitMine itself confirms details via filings or releases (especially around scope, counterparties, custody, and liquidity management). ^[19]

3) Treasury concentration and liquidity
BitMine’s own disclosure emphasizes just how ETH-concentrated its balance sheet is. That can amplify gains when ETH rises—but also magnify drawdowns, especially if liquidity tightens or crypto correlations spike. ^[20]

4) The shareholder vote/dilution question
BitMine has told investors it plans to hold its annual meeting on Jan. 15, 2026 and that the agenda includes a proposal to increase the number of authorized shares of common stock, among other items. For a stock that has already experienced major volatility, any perceived dilution risk can influence positioning. ^[21]

5) The year-end calendar
Investors should also keep an eye on holiday scheduling into the turn of the year. Investopedia reports a full trading day on New Year’s Eve (Dec. 31), with U.S. stock and bond markets closed on New Year’s Day (Jan. 1, 2026). ^[22]

Bottom line

BitMine Immersion Technologies (BMNR) enters the weekend at a pivotal moment: the stock is trading far below its 2025 peak, technical dashboards lean bearish, and “fair value” proponents argue the market has simply corrected an earlier overvaluation. At the same time, the latest staking headlines introduce a potential new dimension—yield generation—that could influence how investors model the company’s Ethereum-treasury strategy.

Until the market reopens Monday, the most actionable signal for BMNR watchers is likely the simplest one: Ethereum’s price action—and whether the company’s reported first steps into staking evolve into a clearly communicated, repeatable strategy. ^[23]

References

1. www.investing.com, 2. www.investing.com, 3. www.reuters.com, 4. www.tradingview.com, 5. beincrypto.com, 6. crypto.news, 7. www.tradingview.com, 8. beincrypto.com, 9. www.investing.com, 10. seekingalpha.com, 11. www.sec.gov, 12. www.sec.gov, 13. www.sec.gov, 14. www.investing.com, 15. www.tradingview.com, 16. www.tipranks.com, 17. www.investing.com, 18. www.fidelity.com, 19. www.tradingview.com, 20. www.sec.gov, 21. www.sec.gov, 22. www.investopedia.com, 23. www.tradingview.com