**BitMine Immersion Technologies (BMNR) Stock Overview – October 2025**
BitMine Immersion Technologies (NYSE American: BMNR) has experienced extreme volatility throughout 2025. The stock, which began the year near $5 per share, surged an impressive 700% year-to-date, reaching an all-time high of $161 in July before retreating to the $48–$50 range as of late October.
—
### A Shift in Business Model
Originally a Bitcoin mining operation based in Nevada, BitMine pivoted in mid-2025 to a “digital asset treasury” strategy. The company now raises capital through stock sales and uses the proceeds to purchase and hold cryptocurrencies, primarily Ethereum (ETH). Chairman Thomas Lee describes this approach as the “Alchemy of 5%,” with a bold target to accumulate 5% of Ethereum’s total supply.
—
### Crypto Holdings and Market Position
As of October 2025, BitMine holds over 3 million Ethereum—approximately 2.5% of all ETH in existence—alongside 192 Bitcoin. The company also owns a $135 million stake in Eightco Holdings and maintains $104 million in cash reserves. Altogether, BitMine’s crypto treasury is valued between $12.9 billion and $13.4 billion, making it the world’s largest corporate holder of Ethereum and the second-largest public company with a crypto treasury after MicroStrategy.
BitMine began accumulating Ethereum in summer 2025 and notably purchased roughly 379,000 ETH, worth nearly $1.5 billion, during the October crypto market dip. This aggressive buying followed a September capital raise of $365.2 million through the issuance of 5.2 million shares at $70 each, a price 14% above market at the time. The company has also indicated plans to potentially issue up to $20 billion in stock to fund future crypto acquisitions.
—
### Stock Trading Activity and Price Fluctuations
BMNR’s stock has seen dramatic swings recently. On October 6, it jumped to $63.22 amid a crypto rally, only to fall about 11% to around $52 four days later after Bitcoin dropped 15% triggered by geopolitical concerns. Trading volume has been exceptionally high, with 40 to 70 million shares exchanged daily, translating to $2–3 billion of daily turnover and placing BitMine among the most actively traded U.S. stocks by volume.
—
### Institutional Backing and Analyst Insights
The stock has attracted several notable institutional investors. Cathie Wood’s ARK Invest acquired approximately 339,000 shares, valued at $15.6 million. Other prominent investors include Peter Thiel’s Founders Fund, Pantera Capital, Kraken, Galaxy Digital, and Digital Currency Group.
Analyst support boosted recently when B. Riley Financial initiated coverage on October 16 with a Buy rating and a $90 price target, signaling an expected 67% upside from mid-October levels. B. Riley projects BitMine could hold as much as 7.6 million ETH by the end of 2026. According to Investing.com, the consensus 12-month price target for BMNR stands at around $60, reflecting cautious optimism.
—
### Valuation Concerns and Criticism
Despite the impressive crypto holdings, BitMine’s financial fundamentals remain modest. The company reported just $5–6 million in revenue over the past twelve months with a net loss of about $6 million. Its lean operation employs only seven people.
Critics caution that BMNR trades at an exorbitant valuation—over 1,000 times its book value, with a book value per share near $1.40 compared to the $50 stock price. Short-seller Kerrisdale Capital revealed a short position on October 9, arguing that the company’s crypto-hoarding business model is outdated and advising investors to buy Ethereum directly instead of paying a premium for BitMine shares.
Even Chairman Tom Lee has acknowledged in discussions with Fortune that the “digital asset treasury bubble” may have burst, noting that around 80% of comparable companies now trade at or below net asset value.
—
### Options Market Sentiment
As of October 23, BMNR’s options market exhibits mixed sentiment. Implied volatility has dropped to 110.65, while put-call skew has steepened, indicating an increased demand for downside protection among options traders.
—
### Summary
BitMine Immersion Technologies has transformed itself in 2025 from a Bitcoin miner into the largest corporate Ethereum holder, drawing considerable market attention and institutional support. However, its steep valuation and minimal revenues have raised concerns among some investors and short sellers. With ongoing volatility and a stock price trading well below its July peak, BMNR remains a closely watched and highly speculative asset in the evolving crypto landscape.
https://coincentral.com/bitmine-scoops-up-1-5-billion-ethereum-during-market-crash/
