BitMine Immersion Technologies, Inc. (NYSE American: BMNR) has become one of the market’s strangest (and most talked-about) hybrids: part crypto-treasury vehicle, part operating business, and increasingly a high-volatility proxy for Ethereum—with corporate actions that can matter as much as the coin price itself.

With U.S. markets closed for Christmas Day, today’s “BMNR stock” conversation is really about what investors learned in the final holiday-shortened stretch—especially BitMine’s latest Ethereum hoard update, an upcoming shareholder vote that could dramatically expand dilution capacity, and a widening gap between bullish and bearish valuation models.

Below is a detailed roundup of current news, forecasts, and analysis as of December 25, 2025.

BMNR stock price check: where shares last traded heading into Christmas

BMNR last traded around $29.35 on Wednesday, Dec. 24, 2025, down about 1.38% versus the prior close, according to the latest consolidated market data.

For context on the year’s whiplash: Reuters’ BMNR key metrics recently showed a 52-week high near $160.09 and a 52-week low near $3.92, underscoring how aggressively sentiment has swung around the company’s crypto-treasury pivot. ^[1]

The headline news driving BMNR: BitMine says it now holds 4.066 million ETH

The biggest company-specific update into Dec. 25 is BitMine’s December 22, 2025 release (also furnished via SEC exhibit) stating that—as of Dec. 21 at 3:00 p.m. ET—its crypto and cash holdings totaled $13.2 billion, including: ^[2]

• 4,066,062 ETH (priced by the company at $2,991 per ETH, citing Coinbase)
• 193 BTC
• $1.0 billion in total cash
• A reported $32 million stake in Eightco Holdings (NASDAQ: ORBS), described as part of “moonshots” holdings

BitMine also claimed those ETH holdings represent ~3.37% of total ETH supply (using 120.7 million ETH as the supply reference) and reiterated an ambition to reach 5%—a target it has branded the “Alchemy of 5%.” ^[3]

Why that matters for BMNR stock

At this scale, BMNR is not being valued like a typical small-cap with a straightforward income statement. The market is treating it more like a publicly traded “wrapper” around a massive ETH position, with additional upside/downside coming from:

• how efficiently it can raise capital,
• whether it can increase ETH per share over time (not just ETH held),
• and whether shareholder-approved “financial engineering” increases or destroys long-term per-share value.

The big catalyst ahead: shareholders vote on expanding authorized shares from 500M to 50B

If you only read one governance item this week, make it this one.

BitMine’s definitive proxy statement for the January 2026 annual meeting says the board adopted a proposed charter amendment to increase authorized common shares from 500,000,000 to 50,000,000,000. ^[4]

The proxy also makes the implications explicit:

• If approved, the board can issue additional shares without further stockholder approval (unless required by law or exchange rules). ^[5]
• The company frames the increase as flexibility for strategic transactions and equity capital raises, and notes it already has an at-the-market (ATM) offering program it may use “from time to time.” ^[6]
• It also acknowledges the obvious risk: more shares can be dilutive to EPS and voting power and may pressure the market price—while also noting the counter-argument that issuance could support growth plans that might lift the stock. ^[7]

Key meeting logistics (because this is now a stock-moving event)

The annual meeting is scheduled for January 15, 2026 in Las Vegas (Wynn), and BitMine has told shareholders they must register in advance to attend in person (deadline Jan. 13, 2026). ^[8]

Also on the ballot: approval of a 2025 Omnibus Incentive Plan reserving 15,400,000 shares for issuance under the plan. ^[9]

Management shake-up: CFO transition and separation agreement disclosed in an 8-K

Another material development heading into Dec. 25 is a December 15, 2025 Form 8-K disclosing a separation agreement with CFO Raymond Mow, including:

• Employment to terminate effective January 16, 2026
• A stated lump-sum severance payment of $1,137,500
• Additional lump-sum payments for prorated bonuses
• Acceleration mechanics for RSU vesting tied to a formula based on the prior fiscal year’s last trading day closing price ^[10]

The same filing states the resignation was not related to a disagreement over operations, policies, or practices. ^[11]

For investors, CFO transitions matter less because “the vibes are off,” and more because BMNR’s strategy lives and dies by capital markets execution—timing, structure, and investor trust.

Dividend and 2026 staking roadmap: BitMine is pitching “treasury + yield”

BitMine’s narrative isn’t just “we hold ETH.” It’s also “we intend to do something with ETH.”

In its FY2025 results release (Nov. 21, 2025), BitMine said it planned to launch MAVAN (Made-in America Validator Network)—a dedicated staking infrastructure—in early 2026. The same release announced an annual $0.01 dividend, with an ex-dividend date of Dec. 5, 2025 and payable date of Dec. 29, 2025. ^[12]

Staking can, in theory, turn a static ETH pile into a yield-bearing asset. But it also adds operational, technical, and regulatory complexity—so the market tends to price it as “potential upside” until it’s real, repeatable, and audited.

Forecasts and analyst outlook: price targets are bullish… but the valuation fight is getting louder

1) “Street” price target data (as aggregated by Nasdaq/Fintel)

A Nasdaq-hosted note (sourced to Fintel) said the average one-year price target for BMNR was revised to $76.50 (up 25% from $61.20), with a stated range from $60.60 to $94.50 as of Nov. 16, 2025. ^[13]

That same piece also highlighted rising institutional participation and cited several large holders (including ARK-related funds among others). ^[14]

2) Alternative aggregators show very different targets

Finviz, for example, lists BMNR with a target price of $47.00, implying a very different “consensus” snapshot depending on data vendor and timing. ^[15]

3) Today’s bearish valuation model: Simply Wall St’s DCF says fair value ~ $0.18

On Dec. 25, 2025, Simply Wall St published a valuation piece arguing that a discounted cash flow (DCF) approach implies a fair value around $0.18, while also noting the stock looked expensive on earnings multiples (it cited ~38x). ^[16]

That is a jaw-dropping gap versus market pricing—and it’s not just drama. It reflects a real problem: traditional operating-company valuation frameworks can break when a firm’s core “asset” is a volatile crypto treasury and the central strategy is capital-markets-driven accumulation.

In other words: bulls and bears can both be “using math,” but modeling fundamentally different organisms.

A quick reality check: BMNR’s “holdings-per-share” looks close to the stock price—before liabilities and dilution

Using BitMine’s own $13.2B “crypto + cash + moonshots” figure (Dec. 22 update) and the proxy’s reported 425,841,924 shares outstanding as of Dec. 8, the company’s headline holdings work out to roughly $31 per share (very back-of-the-envelope). ^[17]

With BMNR near $29.35 heading into Christmas, that’s why some investors argue it’s trading “near” the value of what it holds.

But two giant caveats apply:

1. Those are “holdings,” not a full net asset value calculation (liabilities and other balance-sheet items matter).
2. The proxy explicitly warns that new issuance (including via an ATM program) could be dilutive—and the company is asking permission to expand issuance capacity enormously. ^[18]

Broader market backdrop: crypto-treasury stocks have been volatile as risk appetite cools

Reuters has been tracking the broader “crypto-hoarding / digital asset treasury” trade and noted that these stocks—after spiking earlier in 2025—have been well off their highs as risk appetite has waxed and waned. Reuters also highlighted a key distinction: ether-focused treasury firms can pursue staking, unlike bitcoin-only strategies. ^[19]

BMNR sits right in the middle of that theme—and arguably at its most extreme end, given the scale of ETH it’s now claiming. ^[20]

Still relevant context: how BMNR got here (and why it stays in headlines)

Earlier in 2025, BMNR’s pivot drew major attention after Peter Thiel disclosed a 9.1% stake, helping ignite another leg of momentum in the stock during the summer crypto-treasury frenzy. ^[21]

Investopedia also described BitMine months ago as becoming the largest publicly traded holder of Ether during the early phase of its accumulation campaign—an arc that makes the company’s current “4 million ETH” claim easier to understand as part of a rapid, consistent strategy rather than a one-off spike. ^[22]

What to watch next for BMNR stock

Into the end of 2025 and early 2026, BMNR investors are watching a short list of events that can plausibly move the stock more than any single quarterly revenue line:

• ETH price + volatility, because BMNR’s treasury is now the main character. ^[23]
• Jan. 15, 2026 Annual Meeting vote, especially the proposed increase from 500M to 50B authorized shares and the equity incentive plan share reserve. ^[24]
• Capital raise mechanics (ATM usage, private placements, structured deals) and whether new issuance increases or reduces “crypto per share.” ^[25]
• CFO transition timeline (separation effective Jan. 16, 2026) and whether leadership changes affect market confidence in execution. ^[26]
• MAVAN staking rollout in early 2026—if BitMine can turn ETH holdings into durable yield, it could reshape the valuation debate. ^[27]
• Analyst estimate churn: Nasdaq/Fintel’s $76.50 average target and other aggregators’ lower targets show that “BMNR stock forecast” depends heavily on the dataset and assumptions you trust. ^[28]

Bottom line (as of Dec. 25, 2025)

BitMine Immersion Technologies stock is no longer a simple “crypto miner” story. It’s a levered corporate Ethereum-treasury strategy wrapped in a public equity, with dilution policy and staking execution now standing alongside ETH price as the big drivers.

If you’re tracking BMNR, don’t just watch the ticker—watch the proxy votes, the financing pipeline, and the company’s ability to keep its per-share story intact while operating at a scale that’s starting to look systemic inside the ETH ecosystem. ^[29]

References

1. www.reuters.com, 2. www.sec.gov, 3. www.sec.gov, 4. www.sec.gov, 5. www.sec.gov, 6. www.sec.gov, 7. www.sec.gov, 8. www.sec.gov, 9. www.sec.gov, 10. www.sec.gov, 11. www.sec.gov, 12. www.prnewswire.com, 13. www.nasdaq.com, 14. www.nasdaq.com, 15. finviz.com, 16. simplywall.st, 17. www.sec.gov, 18. www.sec.gov, 19. www.reuters.com, 20. www.sec.gov, 21. www.reuters.com, 22. www.investopedia.com, 23. www.sec.gov, 24. www.sec.gov, 25. www.sec.gov, 26. www.sec.gov, 27. www.prnewswire.com, 28. www.nasdaq.com, 29. www.sec.gov