NEW YORK, Dec. 28, 2025, 5:17 p.m. ET — Market closed

Bitmine Immersion Technologies, Inc. (NYSE American: BMNR) heads into the final week of the year as one of the market’s most polarizing “crypto-treasury” equities—trading less like a traditional operating company and more like a high-beta proxy for Ethereum. With U.S. stock markets closed for the weekend, investors are parsing a fresh wave of headlines tied to Ethereum staking activity, valuation models, and institutional positioning—while also keeping an eye on a holiday-thin tape that can amplify Monday’s opening moves.

BMNR last traded at $28.31 at Friday’s close, down about 3.6% on the session, with heavy volume relative to many small- and mid-cap names. ^[1]

Meanwhile, crypto markets trade 24/7. Ethereum is hovering around $2,935 as of Sunday evening in New York, a level that matters for BMNR because the company’s stated strategy has evolved into a large Ethereum-treasury play.

Why BMNR matters right now: the “Ethereum treasury” trade meets staking

BMNR’s current narrative is anchored to one big idea: Bitmine has positioned itself as a major holder of ETH, and its valuation can swing sharply with Ethereum price moves, crypto sentiment, and the market’s willingness to pay a premium—or apply a discount—to a corporate ETH balance sheet.

In its definitive proxy materials, the company’s chairman, Thomas J. Lee, CFA, described 2025 as a “historic year” in Bitmine’s transformation into an “ETH and BTC Treasury Company,” and disclosed crypto holdings that included millions of ETH along with bitcoin and cash. ^[2]

That framing matters because the last 48 hours brought a key development: reports that Bitmine-linked wallets began staking ETH—moving from passive accumulation toward yield generation.

The BMNR news flow in the last 24–48 hours

1) Reported ETH staking activity draws investor attention

Over the weekend, Cointelegraph reported that wallets linked to Bitmine sent large ETH transfers to an Ethereum contract labeled “BatchDeposit,” citing on-chain data from Arkham and commentary from the on-chain analyst known as EmberCN. The report described transfers totaling 74,880 ETH—roughly $219 million—characterizing it as Bitmine’s first move into staking. ^[3]

If Bitmine were to stake more of its holdings over time, the math can become meaningful quickly—but it is highly assumption-dependent. Cointelegraph cited an estimated ~3.12% staking APY and a hypothetical scenario where staking a much larger ETH balance could generate substantial annual rewards. ^[4]

What investors should keep in mind: this is not the same as an SEC-filed earnings forecast. It’s an extrapolation based on staking yields and on-chain movements. Until Bitmine formally updates investors through a press release or SEC filing, the market is effectively trading the “story” alongside the blockchain data.

2) InvestingPro valuation call revisited after BMNR’s big slide

Investing.com revisited BMNR’s 2025 drawdown in a piece dated Dec. 27, focusing on an InvestingPro Fair Value model that previously flagged the stock as overvalued when it traded at $54.21—estimating a Fair Value of $28.84. The article noted BMNR’s subsequent decline into the high-$20s, broadly aligning with that downside estimate. ^[5]

For Monday, that sets up a key tension: if the stock is now near where some models consider “fair,” incremental upside may depend more on new catalysts—ETH price strength, confirmation of staking economics, and capital-markets decisions—than on a simple mean reversion narrative.

3) Institutional ownership headlines surface via filings-based coverage

On Dec. 28, MarketBeat highlighted a Voya Investment Management position disclosed via SEC filing data—44,813 shares reported for Q3—along with other institutions that have taken positions. ^[6]

Because these are typically backward-looking snapshots (often quarterly), they don’t tell you what funds are doing “right now.” But they can influence sentiment—especially for a volatile name where investors look for signals that bigger pools of capital are willing to underwrite the story.

The bigger picture: what Bitmine has told investors about holdings, governance, and strategy

A core reason BMNR can move violently is that investors often value it through a “crypto NAV lens”—the market value of its digital asset holdings—plus or minus expectations about dilution, staking profitability, and execution.

In its Dec. 9 definitive proxy statement, Bitmine disclosed that as of Dec. 7, 2025 (4:00 p.m. ET), its crypto holdings included 3,864,951 ETH (priced at $3,139 per ETH), 193 bitcoin, and total cash of $1.0 billion, among other items. ^[7]

Separately, a company press release filed as an exhibit with the SEC described ETH holdings reaching 4.066 million tokens and referenced ongoing work on a staking solution called the Made in America Validator Network (MAVAN), targeted for “early calendar 2026.” ^[8]

That context is important when evaluating the weekend staking headlines: if Bitmine is indeed moving into staking now (as on-chain data suggests), it could be viewed as accelerating the strategy it has already communicated—potentially changing how the market values the company (from “ETH holder” to “ETH holder + yield engine”).

Analyst targets and forecasts: what’s available and what isn’t

BMNR is not covered like a mega-cap tech stock, and forecasts can vary based on what analysts choose to emphasize: crypto NAV, dilution risk, staking economics, and the quality of disclosures.

Still, several widely-circulated dashboards show a consistent headline target:

• MarketBeat’s compiled analyst view lists a consensus rating of “Buy” with an average 12‑month price target of $47.00. ^[9]
• The same MarketBeat page shows B. Riley analyst Fedor Shabalin lowering a price target from $90 to $47 (while maintaining a Buy), and also lists other recent actions (including Zacks and ThinkEquity items). ^[10]
• TipRanks also states that the most recent analyst rating on BMNR is a Buy with a $47.00 price target. ^[11]

Investors should treat these targets as reference points—not guarantees—especially in a stock where crypto price swings and corporate actions (like share authorization or capital raises) can quickly change the risk profile.

Market backdrop heading into Monday: thin liquidity, year-end dynamics, and key data

BMNR is trading into a period when broader equity volume can be muted, which can exaggerate moves in volatile, sentiment-driven names.

Reuters described Friday’s post-Christmas U.S. session as light-volume and nearly unchanged—an environment where “few catalysts” can lead to low-conviction price action. ^[12]

For the week ahead, Investopedia flagged a holiday-shortened schedule around New Year’s Day, plus a slate of economic updates including pending home sales and other key releases. ^[13]

MarketWatch’s economic calendar lists pending home sales (Nov.) scheduled for Monday at 10:00 a.m. ET—one potential macro checkpoint as the market returns from the weekend. ^[14]

If you’re watching BMNR before the next session, here’s what to focus on

Because the exchange is closed today, the key is preparing for what could drive a gap at the open or a volatile early session.

1) Watch ETH (not just BMNR) Sunday night into Monday morning

Ethereum’s spot price is still moving while equities are shut. If ETH breaks out or sells off overnight, BMNR can reflect that sentiment at the open—sometimes with leverage-like behavior. ETH was around $2,935 Sunday evening ET.

2) Look for confirmation (or clarification) on staking

The staking story is currently mediated through on-chain data and third-party reporting. Cointelegraph’s report ties the transfers to Bitmine-linked wallets and describes the activity as Bitmine’s first attempt to earn staking income. ^[15]

What could change the trade Monday:

• An SEC filing (8-K) or company statement that confirms staking size, partners, risk controls, and expected economics.
• Any update on how staking aligns with MAVAN’s rollout timeline (previously framed for early 2026). ^[16]

3) Understand trading hours that matter for reaction moves

BMNR trades on NYSE American. NYSE’s published schedule shows NYSE American’s early trading session runs 7:00 a.m. to 9:30 a.m. ET, core trading is 9:30 a.m. to 4:00 p.m. ET, and the late trading session runs 4:00 p.m. to 8:00 p.m. ET. ^[17]

That means price discovery can begin before the 9:30 a.m. open—especially relevant if crypto moves overnight.

4) Keep the January shareholder meeting and proposals on the radar

Even if crypto headlines dominate day-to-day trading, governance items can become major catalysts for a treasury-style stock—particularly if investors worry about dilution or compensation incentives.

Bitmine’s definitive proxy statement sets its annual meeting for Jan. 15, 2026, and includes proposals such as electing directors and approving a charter amendment to increase authorized shares of common stock, among other items. ^[18]

5) Reconcile “fair value” narratives with catalyst risk

The InvestingPro model highlighted by Investing.com pegged a fair value near $28.84 when the stock traded much higher earlier in 2025—and notes BMNR has since fallen toward that level. ^[19]

But “fair value” in a crypto-treasury equity is a moving target. A confirmed shift toward staking (yield), a sharp ETH move, or a capital-raise/dilution headline can all reset the market’s framework quickly.

Bottom line: BMNR is setting up for a headline-driven Monday

With markets closed today, BMNR’s next meaningful price signal will come when NYSE American trading resumes Monday. The last 48 hours have brought three major inputs for investors to digest: reported ETH staking flows, a refreshed valuation debate after a steep decline, and filings-based institutional ownership headlines. ^[20]

For investors, the key question heading into Monday isn’t just “where did BMNR close?”—it’s what the market will decide BMNR is now: a passive ETH treasury, a treasury that is beginning to generate yield through staking, or a hybrid that still faces significant governance and dilution sensitivity.

References

1. www.marketbeat.com, 2. www.sec.gov, 3. www.tradingview.com, 4. www.tradingview.com, 5. www.investing.com, 6. www.marketbeat.com, 7. www.sec.gov, 8. www.sec.gov, 9. www.marketbeat.com, 10. www.marketbeat.com, 11. www.tipranks.com, 12. www.reuters.com, 13. www.investopedia.com, 14. www.marketwatch.com, 15. www.tradingview.com, 16. www.sec.gov, 17. www.nyse.com, 18. www.sec.gov, 19. www.investing.com, 20. www.tradingview.com