Summary BitMine Immersion Technologies is transforming into a major Ethereum treasury, aiming to own 5% of the ETH market, and recently reported strong FY25 earnings. BMNR's launch of the MAVAN staking network in Q1 2026 will turn its Ethereum holdings into yield-generating assets, enhancing long-term shareholder value. Despite recent crypto volatility and a 50% share price drop, I remain bullish on BMNR, dollar cost averaging, and viewing it as a leveraged play on Ethereum's future. BMNR trades at a discount to its net asset value, pays a symbolic dividend, and offers high-risk but significant upside for long-term Ethereum believers. BitMine Immersion Technologies, Inc. ( BMNR ) has made the transformation from a tiny immersion miner to one of the most followed companies in the crypto segment due to Tom Lee. BMNR is no longer just a miner, as it has positioned itself as a massive Ethereum (ETH-USD) treasury company with a goal of owning 5% of the total Ethereum market. BMNR just released its first earnings report as a public company, and if you’re an Ethereum bull, it is very enticing. BMNR generated $328.16 million in net income for the 2025 fiscal year, and on a fully diluted level, BMNR produced $13.39 of EPS per share. My biggest question was answered about staking, as BMNR will launch the Made-in-America Validator Network ((MAVAN)) which will be dedicated staking infrastructure for BMNR assets in Q1 2026. BMNR also launched a dividend, and while the dividend amount is only $0.01 it sets the stage for future income being paid out to shareholders. I was skeptical about Ethereum until the GENIUS Act was signed into law by President Trump, which provides a regulatory framework for U.S. stablecoins. From when I turned bullish on Ethereum and BMNR I had indicated that I had no idea which direction these assets would go, as crypto has been historically volatile and there are no cash flow statements to dissect. Despite the massive volatility and people having their positions liquidated due to the use of leverage in the recent crypto meltdown, my investment thesis has not changed. I don’t know where the bottom is, and I have no idea when the selloff will end, but I am a believer in Ethereum’s long-term utility and that BMNR will be a massive beneficiary. I recently added to my position and will continue to dollar cost average into my position as I expect that Ethereum will rebound in the future and BMNR will follow it higher. Seeking Alpha Following up on my previous article about BMNR I previously wrote an article on BMNR in the middle of August after the GENIUS Act was signed into law ( can be read here ). For a while BMNR was doing great as Ethereum was rebounding to its all-time highs, and then the crypto market came under pressure. Bitcoin (BTC-USD) and Ethereum both imploded as Bitcoin has fallen -22.18% over the past month while Ethereum has retraced by -28.73%. I had discussed how BMNR’s pivot to an Ethereum treasury model offered leveraged upside as they worked toward their goal of obtaining 5% of all Ethereum. I discussed how BMNR’s funding strategy excluded tapping the debt markets so they weren’t paying out massive amounts of interest to fuel their Ethereum purchases and why I felt that was bullish. I am following up with a new article now that we have their first official earnings report to discuss why I am still bullish even though shares of BMNR are down over -50% since the middle of August. I have been scaling my way into this position with my latest transaction on Friday, 11/21 and I plan on buying more BMNR as time progresses. Seeking Alpha How I mitigate risk when it comes to BMNR Over the past several weeks I have seen a lot of people complaining about the crypto markets falling and the potential for a crypto winter. Over the past 5 years, Ethereum has made 6 major retracements before the most recent crash, and some of them have been more severe than what we are currently experiencing. Ethereum has fallen from $4,954.56 to $2,767.65 in a short period of time, which is a retracement of roughly -44%. In 2021, Ethereum fell by around -56%, then after rebounding, it fell again by around -49% from the end of 2021 into 2022. At the end of 2024, Ethereum was trading around the $4,000 level and fell over -60% during the spring. Anyone who invests in crypto must be ready for extreme volatility, and I think margin makes it worse because there are probably a lot of people getting called out of positions and being forced to sell into weakness because they don’t have the cash to cover the margin calls. I don’t have a crystal ball, just an investment thesis on Ethereum and BMNR. I fully expect large swings over the next 5 years the same way we have seen large swings over the past 5 years. Since I have no idea where these assets will be tomorrow or in a month from now or even in a year from now, I have scaled into these positions to average out my cost basis. I know there is a low percentage chance I will get in at the bottom and that things could go well for a while and then go upside down overnight. I am only putting money into BMNR and Ethereum that I can afford to lose, and while I don’t want to lose money, that is the risk of any investment. Dollar cost averaging has allowed me to mitigate my risk to a degree because I have bought blocks of shares over $50 and blocks of shares under $30. Since I am not on margin, I am the controller of my own destiny, and I can keep buying as long as my investment thesis remains intact. Eventually I believe that BMNR will be above $50 again, and all the shares I am able to purchase under $50 will help increase the alpha I plan on capturing. This strategy works for me, and I accept the fact that BMNR is a play on Ethereum that comes with many risks and extreme volatility. Seeking Alpha Why I am bullish on Ethereum In order to be bullish on BMNR I must have a strong investment thesis on Ethereum ; otherwise, investing in BMNR would not make sense. My investment thesis around Ethereum revolves around network effects, monetary dynamics, and staking. Ethereum is the leading smart contract platform for decentralized finance, stablecoins, tokenized assets, and NFTs. It processes billions of dollars of value in on-chain transactions and secures an expansive ecosystem of protocols and applications. As more value and applications migrate on-chain, demand for credible settlement increases, and it looks like Ethereum Layer 2 has become the largest base layer for that activity. Since the transition to proof-of-stake and the implementation of EIP-1559 Ethereum’s supply dynamics have changed. The base issuance has fallen, and a portion of transaction fees is burned, which can create a deflationary asset at times. Within the protocol, Ethereum can only issue 1.51% more Ethereum on an annual basis, so if there are large amounts of activity, more Ethereum could be burned off through transactions than the Ethereum that is being issued. This can provide Ethereum with some of the characteristics of a scarce digital asset rather than a utility token that is inflationary. Holders of Ethereum tokens are able to stake them to secure the network and earn staking rewards. Typically, this will be in the low- to mid-single-digit yield. I am looking at Ethereum as digital oil, as the token is positioned to power a new financial system. The Ethereum token serves as collateral that secures billions in stablecoins, real-world assets, and financial applications in the smart contract economy. I believe that the GENIUS Act has expanded the use cases for Ethereum, as it can provide the ability for peer-to-peer payments and asset transfers, which allows users to send and receive digital cash, stablecoins, and other digital assets globally within seconds. Ethereum had roughly 70% of the stablecoin market on its network in the middle of September. Ethereum is already a leading blockchain for institutional activity, and as this trend continues, it will solidify its role as a global ledger of record. I believe that stablecoin adoption is going to be extreme considering SoFi Technologies ( SOFI ) is launching their own stablecoin in Q1 2026 and they are a nationally chartered bank. If the utilization rates increase and stablecoin adoption becomes the new standard in the financial markets, it could drive the price of Ethereum much higher and have a dramatic impact on BMNR’s share price. CoinLaw Despite the share price, I felt FY 25 earnings were meaningful, and I am bullish on BMNR On Friday, 11/21 BMNR released their FY 2025 earnings report, and it answered the questions I was looking for answers to. BMNR generated $328.2 million in net income and $13.39 of diluted GAAP EPS. BMNR announced a dividend of $0.01 per share, which will be paid on 12/29 and go ex-dividend on 12/5. The dividend makes BMNR the first large-cap crypto company to declare an annual cash dividend, which is symbolic because it opens the door for future returns from the Ethereum it stakes. BMNR has 3,559,879 of Ethereum, 192 Bitcoin, a $37 million stake in ORBS, and unencumbered cash of $607 million with 384,067,823 shares outstanding. This puts BMNR’s assets at $10.54 billion with a market cap of $9.99 billion. BMNR is currently trading at an mNAV of 0.95x, which is a discount of -5.24%. Based on the current metrics, BMNR looks very enticing as an investment vehicle in the Ethereum space, and we haven’t even felt the impacts of staking yet. TrackBMNR What I was most excited about from BMNR is that the shareholder base got clarity around staking. BMNR announced MAVAN and staking, which will turn its Ethereum treasury into a yield-producing machine. MAVAN will be launched in Q1 2026 as a dedicated Ethereum staking infrastructure for BMNR assets. BMNR will work with three top institutional staking providers in a pilot program to test security, performance, and yield, then scale into a proprietary validator network. This will allow them to leverage best-in-class infrastructure and partners, which will benefit shareholders. BMNR’s Ethereum assets, which are currently idle, will now generate staking rewards. By building an institutional-grade validator network rather than relying solely on an off-the-shelf approach, BMNR can achieve superior uptime, security, and economics. This could create larger, more sustainable yields and deepen its reputation as the leading Ethereum treasury. BMNR would become a major staker of Ethereum, which could be attractive to institutional investors looking for investments in the digital space. If Ethereum continues to mature as a global settlement layer, MAVAN could give BMNR the ability to generate a large amount of on-chain income that can support operations, future ETH purchases, and potentially higher dividends or buybacks. BMNR Risks to investing in BMNR BMNR is a highly volatile asset that is tied to the success of Ethereum. If we experience a prolonged Ethereum bear market or get an adverse policy stance on staking, it could negatively impact BMNR’s mNAV and cause the share price to sell off further. BMNR was aggressively buying Ethereum at higher prices and is now sitting on billions of dollars of unrealized losses, which helps fuel the bears narrative. Everyone should do their due diligence, as BMNR could continue much lower, and there is no way to know how low Ethereum will go or if its price will reverse to the upside. If for some reason the Clarity Act isn’t signed and the narrative around stablecoins is impacted, I fully expect both Ethereum and BMNR to go much lower. Proceed with caution, as BMNR is extremely speculative. Conclusion Regardless of the short-term volatility in BMNR’s share price, I am optimistically bullish on its future after its FY 25 report. BMNR’s introduction of MAVAN should be very powerful, as it will be able to generate yield through staking and restaking through DEFI. As more assets go digital, Ethereum could be the bridge to tokenizing asset markets and stablecoin issuance, which could make it a deflationary asset and drive the share price higher. My investment thesis revolves around widespread adoption and increased utilization of Ethereum, as BMNR offers a uniquely aggressive way to gain exposure to Ethereum. Currently BMNR trades at a discount to its mNAV, and I have been dollar cost averaging my way into this position. BMNR is volatile and risky, but it could become a strong investment for long-term investors.
