BitMine Immersion Technologies, (BMNR) Stock Price & How to Invest
Short answer
BMNR is BitMine Immersion Technologies, a former Bitcoin miner that pivoted in 2025 into the largest publicly traded Ethereum treasury company, so a position in BMNR is effectively a leveraged, equity-wrapped bet on the price of ETH plus the staking yield it earns. It behaves less like a normal operating stock and more like an ETH proxy whose share price swings with crypto markets and with the premium or discount the market assigns versus its underlying holdings.
BMNR stock price
As of 2026-07-08, BitMine Immersion Technologies, (BMNR) last closed at $14.86, down 77.7% over the past year. Over the past 52 weeks it has traded between $13.31 and $66.72.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or BitMine Immersion Technologies,'s investor relations page. Walnut is informational, not investment advice.
What does BitMine Immersion Technologies, (BMNR) do?
BitMine Immersion Technologies (NYSE: BMNR) began as an immersion-cooling Bitcoin miner operating sites in Pecos, Texas and Trinidad, then executed a sweeping strategic pivot in mid-2025 under new chairman Tom Lee of Fundstrat. The company reoriented around an Ethereum-first treasury strategy, accumulating roughly 5.7 million ETH (worth on the order of $10 billion as of July 2026) and targeting ownership of about 5% of the total ETH supply. It stakes the bulk of that ETH through its proprietary MAVAN (Made in America Validator Network) platform to earn a staking yield of roughly 3%, and it has layered in DeFi strategies and venture-style equity stakes. BitMine has been added to the Russell 1000 and named to the Fortune Crypto 100.
The investment picture is dominated by one variable: the price of Ethereum. BMNR funds its ETH accumulation largely by issuing stock, so shares trade at a shifting premium or discount (an mNAV multiple) to the crypto and cash the company holds per share. When ETH rallies and sentiment is hot the stock can trade well above net asset value; when ETH falls or the premium compresses, the equity can decline faster than ETH itself. Reported net income (about $328 million in fiscal 2025) is driven mostly by mark-to-market changes in crypto holdings rather than recurring operating profit, and staking revenue, while real and growing (projected in the low-$200 million range annualized), is small relative to the multi-billion-dollar balance sheet it supports.
What's driving BitMine Immersion Technologies, (BMNR)?
1. Scale of the ETH treasury
BitMine holds roughly 5.7 million ETH, making it the largest corporate Ethereum holder and giving shareholders concentrated, at-scale exposure to a single crypto asset. Management has publicly targeted owning about 5% of total ETH supply, and the sheer size of the position is the central reason the stock exists as an ETH proxy. Any move in ETH is amplified across a balance sheet measured in the billions.
2. Staking yield via MAVAN
Through its MAVAN staking platform the company stakes most of its ETH to earn a yield of roughly 3%, generating projected annualized staking revenue in the low-$200 million range as of mid-2026. This turns a static treasury into a cash-generating one and differentiates BMNR from simply holding ETH in a cold wallet. The revenue scales with both the ETH price and the amount staked, though it remains modest against the total asset base.
3. Capital-markets machine
BitMine funds ETH purchases largely by issuing equity at what it says are premiums to net asset value, and it has added a 9.50% Series A Perpetual Preferred (BMNP) that pays regular cash dividends. Inclusion in the Russell 1000 and the Fortune Crypto 100 has widened its investor base. The ability to keep raising capital accretively is what lets the treasury grow, but it also means ongoing share issuance.
4. Tom Lee and institutional positioning
Chairman Tom Lee, founder of Fundstrat Global Advisors, gives the company a high-profile face and credibility with institutions, and BitMine is positioning itself as the Ethereum equivalent of a Bitcoin treasury blue chip. The company has also taken venture-style stakes (for example in Eightco/ORBS) to add optionality. Leadership visibility is a genuine draw but also ties sentiment closely to a single figure and a single crypto thesis.
What are the risks to BitMine Immersion Technologies, (BMNR)?
The dominant risk is Ethereum price itself: a sharp ETH drawdown would slash the value of the treasury and, because the equity carries a premium or discount, the stock can fall faster than ETH. The premium-to-NAV (mNAV) can compress from above 2x toward 1x or into a discount, hurting holders even if ETH is flat. Persistent equity issuance to buy more ETH dilutes existing shareholders. Staking, custody, and evolving crypto regulation add operational and legal uncertainty, and a short-seller report (Kerrisdale) has criticized the company for not routinely disclosing updated share counts, which complicates mNAV calculation. This is a speculative, high-volatility security, not a stable operating business.
How is BitMine Immersion Technologies, (BMNR) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see BitMine Immersion Technologies,'s investor relations page or your broker.
- Share price: ~$15.55
- Market cap: ~$8.85 billion
- ETH held: ~5.7 million ETH (~4.8% of supply)
- Total crypto + cash holdings: ~$9.8 billion to ~$11 billion
- Cash and equivalents: ~$600 million to ~$860 million
- Projected annualized staking revenue: ~$211 million
- FY2025 net income (crypto-driven): ~$328 million
BMNR is valued primarily off its crypto holdings rather than a conventional earnings multiple, and shares trade at a shifting premium or discount (mNAV) to the ETH and cash they represent. As of July 2026 the market cap (~$8.85 billion) sits near or below the stated crypto-plus-cash holdings, reflecting how much of the story is the underlying ETH. Reported net income swings with mark-to-market crypto values, so it is not comparable to recurring operating profit at a normal company.
Who competes with BitMine Immersion Technologies, (BMNR)?
Crypto treasury companies
Firms whose main asset is a large crypto holding funded by capital markets, most notably Strategy (formerly MicroStrategy) for Bitcoin and Ethereum-focused treasuries such as SharpLink Gaming. BMNR competes with these for the same investors seeking equity-wrapped crypto exposure and for the accretive capital raises that fund accumulation.
Ethereum staking and infrastructure
Platforms that stake ETH and earn yield, including Coinbase, Lido, and institutional validators like Figment. BitMine's MAVAN platform competes for staking scale and yield, and these providers set the benchmark rates and reliability that institutional stakers expect.
Direct ETH exposure vehicles
Spot Ethereum ETFs and simply holding ETH directly offer cleaner, lower-fee access to the same underlying asset without the premium/discount and dilution dynamics of a treasury equity. They are the most direct substitute for anyone whose goal is ETH exposure rather than the staking and leverage overlay BMNR adds.
How to invest in BitMine Immersion Technologies, (BMNR)
There are three common ways to get BMNR exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so BMNR sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where BMNR fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on BitMine Immersion Technologies, (BMNR)
BMNR is a high-volatility Ethereum treasury and staking vehicle whose fortunes track the price of ETH far more than any traditional revenue line, and it carries the dilution and premium-to-NAV risks that come with that structure.
More on BitMine Immersion Technologies, (BMNR)
Whether BMNR is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is BMNR a buy?, and where the stock could go from here in the BMNR stock forecast.
For income investors, whether BMNR pays a dividend and how the payout looks is covered in does BMNR pay a dividend?
Build a basket around BMNR with Walnut
Use BitMine Immersion Technologies, as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does BitMine Immersion Technologies actually do?
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It started as a Bitcoin miner using immersion-cooling technology and pivoted in 2025 to become an Ethereum treasury company. Today its core activity is accumulating ETH, staking it through its MAVAN platform to earn yield, and funding purchases through equity and preferred-stock issuance.
Is BMNR basically a way to invest in Ethereum?
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In practice, largely yes. The company holds roughly 5.7 million ETH, so the share price tracks the price of Ethereum closely. The difference from owning ETH directly is the added staking yield, the leverage from capital raises, and the premium or discount the market assigns to the stock.
How does BitMine make money?
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Its recurring revenue comes mainly from staking its ETH through MAVAN, projected in the low-$200 million range annualized as of mid-2026. Most of its reported net income, however, reflects mark-to-market changes in the value of its crypto holdings rather than operating profit.
Who is Tom Lee and why does he matter to BMNR?
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Tom Lee is the founder of Fundstrat Global Advisors and became BitMine's chairman in July 2025, leading the pivot to Ethereum. His profile lends the company credibility with institutional investors, which also ties sentiment around the stock closely to him and the ETH thesis.
What are the biggest risks with BMNR?
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The largest is a fall in Ethereum's price, which would cut the treasury's value and can hit the stock even harder if its premium compresses. Ongoing equity issuance dilutes shareholders, and staking, custody, and crypto regulation add uncertainty. A short-seller report has also questioned the company's share-count disclosure.
Is BMNR profitable?
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It reported net income of about $328 million in fiscal 2025, but that figure was driven largely by gains on its crypto holdings rather than steady operating earnings. Because those gains reverse when ETH falls, the reported profit is volatile and not comparable to a conventional operating company's earnings.
How is BMNR different from a spot Ethereum ETF?
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A spot ETH ETF gives clean, low-fee exposure to Ethereum's price. BMNR adds staking yield and capital-markets leverage but also introduces premium/discount swings and dilution from share issuance, so it can outperform or underperform plain ETH depending on those extra factors.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with BitMine Immersion Technologies,'s investor relations page or your broker before making investment decisions.