TLDR
- BitMine Immersion Technologies (BMNR) stock is trading around $48-50 per share as of October 2025, after gaining 700% year-to-date but dropping from its $161 July peak
- The company holds over 3 million Ethereum (2.5% of all ETH) plus 192 Bitcoin, making it the world’s largest corporate Ether holder with a crypto treasury worth $12.9-13.4 billion
- BitMine bought approximately 202,000 ETH during the early October crypto market crash and aims to accumulate 5% of Ethereum’s total supply
- The stock attracted institutional investors including ARK Invest and Founders Fund, with B. Riley initiating coverage at a $90 price target
- Critics warn the stock trades at over 1,000 times book value with minimal revenue ($6 million) and net losses, with short-seller Kerrisdale Capital calling the valuation model outdated
BitMine Immersion Technologies stock has experienced extreme volatility in 2025. The company transformed from a Bitcoin mining operation into the world’s largest corporate Ethereum holder.
As of October 20, 2025, BMNR trades around $50 per share on the NYSE American exchange. The stock started the year near $5 and reached a peak of $161 in July before pulling back to current levels. This represents a 700% gain year-to-date despite recent declines.
Bitmine Immersion Technologies, Inc., BMNR
The stock saw dramatic swings in early October. BMNR jumped to $63.22 on October 6 during a crypto market rally. Just four days later on October 10, the stock plunged 11% to around $52 as Bitcoin crashed 15% on geopolitical news.
Trading volume in BMNR has been extraordinary. The stock regularly sees 40-70 million shares traded daily, representing $2-3 billion in dollar turnover. This makes BitMine one of the most actively traded U.S. stocks by volume.
BitMine’s Nevada-based company pivoted to a “digital asset treasury” model in mid-2025. The firm now raises capital through stock sales and uses proceeds to purchase and hold cryptocurrency. Chairman Thomas Lee calls this strategy the “Alchemy of 5%,” targeting ownership of 5% of all Ethereum.
BitMine’s Crypto Holdings
The company now holds 3,032,188 ETH, which equals about 2.5% of all Ethereum in existence. BitMine also owns 192 Bitcoin, a $135 million stake in Eightco Holdings, and $104 million in cash. The total value of these assets ranges from $12.9 billion to $13.4 billion depending on crypto prices.
This makes BitMine the second-largest public company crypto treasury after MicroStrategy. No other public firm comes close to BitMine’s Ethereum holdings. The company only began accumulating ETH a few months ago in summer 2025.
BitMine aggressively bought during the October crypto market dip. Chairman Tom Lee announced on October 13 that the company acquired 202,037 ETH over several days. Blockchain data suggests BitMine purchased approximately 379,000 ETH worth nearly $1.5 billion in multiple transactions following the market crash.
To fund these purchases, BitMine raised $365.2 million in September by selling 5.2 million shares at $70 each. This price was 14% above the market price at the time. The company has mentioned the possibility of issuing up to $20 billion in stock for future crypto purchases.
Institutional Support and Analyst Coverage
Several high-profile investors have taken positions in BitMine. Cathie Wood’s ARK Invest purchased approximately 339,000 shares worth $15.6 million. Other backers include Peter Thiel’s Founders Fund, Pantera Capital, Kraken, Galaxy Digital, and Digital Currency Group.
B. Riley Financial initiated coverage on October 16 with a Buy rating and $90 price target. This implies 67% upside from mid-October prices. B. Riley analysts project BitMine could accumulate 7.6 million ETH by the end of 2026.
The consensus among analysts leans cautiously optimistic. The median 12-month price target sits around $60 according to Investing.com data.
Valuation Concerns and Short Sellers
BitMine’s financial fundamentals are minimal. The company generated only $5-6 million in revenue over the past 12 months with a net loss of approximately $6 million. BitMine employs just 7 people.
The stock trades at over 1,000 times its book value. Book value per share is approximately $1.40 compared to a stock price around $50.
Short-seller Kerrisdale Capital disclosed a short position on October 9. The firm argues that BitMine’s crypto-hoarding model is outdated and that investors should buy ETH directly rather than pay a premium for BMNR stock.
Even BitMine Chairman Tom Lee admitted to Fortune that the digital asset treasury bubble may have burst. He noted that approximately 80% of similar companies now trade at or below their net asset value.
As of October 23, options sentiment for BMNR was mixed. Implied volatility dropped to 110.65, with put-call skew steepening to indicate increased demand for downside protection among options traders.
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